Shane is the sole stockholder in a design consulting firm organized as a corporation. The company uses USGAAP accrual accounting and closes the books monthly, recording all adjusting journal entries. Assume these are the only transactions in March.

At the beginning of March, clients owed Shane $20,000 for work performed in previous months. During March, Shane and his assistant performed work and billed clients for $95,000. During March, the company received $50,000 in payment from customers for work previously billed on account. In addition, in March the company received $40,000 as an advance payment for work to be performed in April. This is the first time that a customer has paid an advance retainer. There have not been any issues related to non payment from customers.

The assistant earns $40 per hour. At the beginning of March, the company owed the assistant for 25 hours worked in February, to be paid in the first payroll in March. The assistant worked 100 hours in March, with 20 of these hours unpaid at the end of March. Shane does not take a salary from the company since it is a start up and he hopes to grow the business.

On March 1, the company paid $7,500 for a one year liability insurance policy beginning on that date. There are no other insurance policies.

On March 1, the company purchased equipment at a cost of $54,000 with no salvage value and an expected life of 5 years. The purchase was paid with cash of $20,000 and a $34,000 long term 5 year 12% note. Interest is due every March 1, beginning one year from the date of the borrowing. The company debited an Equipment account to record the purchase. Depreciation is recorded on the straight line basis monthly, so $900 in depreciation expense is recorded for the month of March.

At the beginning of March, the company had supplies on hand in the amount of $600. Supplies in the amount of $2,400 were purchased during March and a count of remaining supplies on hand on March 31 indicated that $1,000 remained.

Answer the following questions by inputting your answer in the box provided. Do not use $ signs.

1. How much revenue will be reported on the March income statement?

2. Calculate the amount of wage expense reported on the March income statement.

3. Calculate the amount of interest expense reported on the March income statement.

4. Calculate the amount of insurance expense on the March income statement.

5. Calculate the amount of supplies expense reported on the March income statement.

6. What is the amount of accounts receivable reported on the March 31 balance sheet?

7. What is the amount of unearned revenue reported on the March 31 balance sheet?

8. What is the net book value of the equipment reported on the March 31 balance sheet?

9.What is the amount of salary paid to the assistant in March?