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Required information [The following information applies to the questions displayed below.) Fast Deliveries, Incorporated (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below: Assets: Cash Accounts Receivable Supplies $ 400 FAST DELIVERIES, INCORPORATED Balance Sheet at January 1 Liabilities: $ 10,500 Accounts Payable 880 Stockholders Equity: 750 Common Stock Retained Earnings $ 12,130 Total Liabilities and Stockholders Equity 11,510 220 $ 12, 130 Total Assets Two employees have been hired, at a monthly salary of $2,540 each. The following transactions occurred during January of the current year. January 1 2 3 WN 4 5 6 7 8 9 10 16 20 $5,100 is paid for 12 months' insurance starting January 1. (Record as an asset.) $4,800 is paid for 12 months of rent beginning January 1. (Record as an asset.) FDI borrows $34,800 cash from First State Bank at 4% annual interest; this note is payable in two years. A delivery van is purchased using cash. Including tax, the total cost was $24,000. Stockholders contribute $8,000 of additional cash to FDI for its common stock. Additional supplies costing $1,500 are purchased on account and received. $400 of accounts receivable arising from last year's December sales are collected. $300 of accounts payable from December of last year are paid. Performed services for customers on account. Sent invoices totaling $11,800. $7,600 of services are performed for customers who paid immediately in cash. $2,540 of salaries are paid for the first half of the month. FDI receives $3,800 cash from a customer for an advance order for services to be provided later in January and in February. $4,800 is collected from customers on account (see January 9 transaction). 000 25 January 31a. 31b. 31c. 31d. Additional information for adjusting entries: A $900 bill arrives for January utility services. Payment is due February 15. Supplies on hand on January 31 are counted and determined to have cost $210. As of January 31, FDI had completed 60% of the deliveries for the customer who paid in advance on January 20. Accrue one month of interest on the bank loan. Yearly interest is determined by multiplying the amount borrowed by the annual interest rate (expressed as 0.04). For convenience, calculate January interest as one-twelfth of the annual interest. Assume the van will be used for 4 years, after which it will have no value. Thus, each year, one-fourth of the van's benefits will be used up, which implies annual depreciation equal to one-fourth of the van's total cost. Record depreciation for the month of January, equal to one-twelfth of the annual depreciation expense. Salaries earned by employees for the period from January 16 to 31 are $1,270 per employee and will be paid on February 3. Adjust the prepaid asset accounts (for rent and insurance) as needed. 31e. 31f. 31g. Required: 6-a. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6-c. Prepare the balance sheet. FAST DELIVERIES, INCORPORATED Income Statement For the Month Ended January 31 Revenues Service Revenue $ 21,680 Total Revenues 21,680 500 2,040 Expenses Depreciation Expense Supplies Expense Interest Expense Utilities Expense Insurance Expense Rent Expense Salaries and Wages Expense 1,360 900 425 400 5,080 Total Expenses Net Income 10,705 12,221 FAST DELIVERIES INCORPORATED Statement of Retained Earnings For the Month Ended January 31 Retained earnings, beginning of period Add: Net Income $ 220 12,222 (Less: Dividends 0 Retained earnings, end of period $ 12,442 FAST DELIVERIES, INCORPORATED Balance Sheet At January 31 Assets Liabilities Current Assets Cash $ $ 400 Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Current Liabilities 31,960 Accounts Payable 7,480 Salaries and Wages Payable 210 Interest Payable 4,675 Deferred Revenue 4,400 Utilities Expense Total Current Liabilities Notes Payable (long-term) Total Liabilities 2,540 1,360 1,520 653 6,473 34,800 41,273 Total Current Assets Accumulated Depreciation Vehicles 19,510 12,442 48,725 Common Stock 500 Retained Earnings 24,000 24,500 73,225 Total Liabilities and Stockholders' Equity Total Assets $ 31,952 73,225 $