Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
The accounts of Fulton Digital Services Company prior to the year-end adjustments follow (Click the icon to view the selected accounts and balances.) (Click the
The accounts of Fulton Digital Services Company prior to the year-end adjustments follow (Click the icon to view the selected accounts and balances.) (Click the icon to view the adjustment data.) (Click the icon to view the list of information requested.) Requirement 1. Without opening any accounts, making any journal entries, or using a work sheet, provide Russell with the requested information. The business is not subject to income tax. a. Calculate net income for the year covered by these data. 0 Data Table 13,000 45,500 14,000 160,000 35,000 Cash ......... .........$ Accounts receivable ........ Supplies Prepaid Insurance ......... Building Accumulated depreciation- building Land Accounts payable ........... Salary payable Unearned service revenue 13,000 Common stock ......... S 7,000 Retained earnings ....... 4,700 Dividends declared ...... 3,000 Service revenue ........ 104,000 Salary expense .......... Depreciation expense- 13,800 building 54,000 Supplies expense 6,500 Insurance expense...... Advertising expense...... 5,500 Utilities expense ........ Net Income b. Calculate total assets. Assets 7,500 2,100 Print Done Less: Total Assets c. Calculate total liabilities. Liabilities Total Liabilities d. Calculate total stockholders' equity. Stockholders' Equity Total stockholders' equity e. Now we can prove that Total assets = Total liabilities + Total stockholders' equity. Total assets = Total liabilities + Total stockholders' equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started