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The following selected account balances, before adjustments, for Fulton Digital Services Company are available. Additional information regarding year-end adjustments is also provided below. E (Click
The following selected account balances, before adjustments, for Fulton Digital Services Company are available. Additional information regarding year-end adjustments is also provided below. E (Click the icon to view the selected accounts and balances.) (Click the icon to view the adjustment data and additional information.) Complete the proof that Total assets = Total liabilities + Total stockholders' equity. after all adjustments have been made. Total assets = Total liabilities + Total stockholders' equity + * Data Table A More Info Cash .....................$ Accounts receivable ......... Supplies .................. Prepaid insurance........... Building .................. Accumulated depreciation- building 11,000 46,000 13,000 158,000 33,000 7,900 Common stock .......... $ 7,700 Retained earnings ....... 4,200 Dividends declared ....... 3,200 Service revenue ......... 106,000 Salary expense........... Depreciation expense- 12,000 building ......... 54,000 Supplies expense . 6,500 Insurance expense ....... Advertising expense ...... 5,600 Utilities expense ......... Adjusting data at the end of the year include the following: a. Unearned service revenue that has been earned, $1,680 b. Accrued service revenue, $31,600 c. Supplies used in operations, $3,400 d. Accrued salary expense, $3,100 e. Prepaid insurance expired, $1,100 f. Depreciation expense-building, $2,000 Megan Russell, the principal stockholder, has received an offer to sell Fulton Digital Services Company. She needs to know the following information within one hour: a. Net income for the year covered by these data b. Total assets c. Total liabilities d. Total stockholders' equity e. Proof that Total assets = Total liabilities + Total stockholders' equity after all items are updated Land ................. Accounts payable ............ Salary payable ............. Unearned service revenue .... 7,600 2,500 Print Done Print Done
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