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Required information (The following information applies to the questions displayed below.) Massa Company, which has been operating for three years, provides marketing consulting services worldwide
Required information (The following information applies to the questions displayed below.) Massa Company, which has been operating for three years, provides marketing consulting services worldwide for dot-com companies. You are a financial analyst assigned to report on the Massa management team's effectiveness at managing its assets efficiently. At the start of 2019 (its fourth year), Massa's T-account balances were as follows. Dollars are in thousands. Transactions for 2019: a. Provided $59,600 in services to clients who paid $48,700 in cash and owed the rest on account. b. Received $5,900 cash from clients on account. c. Received $500 in cash as interest revenue on investments. d. Paid $34,900 in wages, $13,100 in travel, $7,000 in rent, and $1,300 on accounts payable. e. Received $1,400 in cash from clients in advance of services Massa will provide next year. f. Received a utility bill for $740 for 2019 services. g. Declared and immediately paid $410 in dividends to stockholders. Assets Cash Accounts Receivable 8,100 3,600 Long-Term Investments 6,600 Liabilities Accounts Payable Unearned Revenue 2,100 4,600 Long-Term Notes Payable 1,400 Stockholders' Equity Common Stock ($0.10 par value) Additional Paid-in Capital 600 3,400 Retained Earnings 6, 200 Revenues Consulting Fee Revenue Interest Revenue Expenses Nages Expense Travel Expense Utilities Expense Rent Expense Enter the 2019 transactions in the T-accounts: (Enter your answer in thousands, not in dollars.) Cash Accounts Receivable Beg bal Beg bal. End. bal. 1 End. bal. 0 Long-Term Investments Accounts Payable Beg. bal. Beg, bal End. bal. 0 End. bal. Unearned Revenue Long-Term Notes Payable Beg. bal Beg. bal. End, bal 0 End. bal. 0 Common Stock Additional Paid-in Capital Beq. bal Beg. bal End, bal 0 End. bal 0 Retained Earnings Consulting Fee Revenue Beg. bal. Beg. bal. End, bal 0 End. bal. 0 Interest Revenue Wages Expense Beg. bal. Beg. bal End, bal 0 End. bal. Travel Expense Utilities Expense Beg. bal. Beg. bal End. bal. 0 End. bal. 0 Rent Expense Beg. bal. End. bal. 0
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