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The Tonowing imormmauon appiieS to trhe qustions dispiayed beloW Massa Company, which has been operating for three years, provides marketing consulting services worldwide for dot-com
The Tonowing imormmauon appiieS to trhe qustions dispiayed 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 2016 (its fourth year), Massa's T-account balances were as follows. Dollars are in thousands. Assets Long-Term Investments Cash Accounts Receivable 4100 8,800 7000 Liabilities Accounts Payable Unearned Revenue Long-Term Notes Payable 5,400 1,100 1,700 Stockholders' Equity Common Stock ($.10 par value) Retained Earnings Additional Paid-in Capital 3,485 615 7600 Revenues Consulting Fee Revenue Interest Revenue Expenses Travel Expense Utilities Expense Wages Expense Rent Expense 4. value: 5.00 points Required: 1. Using the data from these T-accounts, calculate the amounts for the following on January 1, 2016.(Enter your answer in thousands, not in dollars.) Assets Liabilities Stockholders' Equity 2. Enter the following 2016 transactions in the T-accounts: (Enter your answer in thousands, not in dollars.) a. Provided $58,800 in services to clients who paid $48,100 b. Received $5,600 cash from clients on account c. Received $460 in cash as interest revenue on investments. d. Paid $34,300 in wages, $13,100 in travel, $7,400 in rent, and $900 on accounts payable. e. Received $1,500 in cash from clients in advance of services Massa will provide next year. f. Received a utility bill for $790 for 2016 services. g. Declared and paid $300 in dividends to stockholders. cash and owed the rest on account. Cash Accounts Receivable Beg. bal. Beg. bal. End. bal. End. bal. Long-Term Investments Accounts Payable Beg. bal. Beg. bal. End. bal. End, bal Long-Term Notes Payable Unearned Revenue Beg. bal. Beg. bal. End. bal. End. bal. Additional Paid-in Capital Common Stock Beg. bal. Beg. bal. End. bal. End. bal. Common Stock Additional Paid-in Capital Beg. bal. Beg.bal End. bal. End. bal. Retained Earnings Consulting Fee Revenue Beg. bal. Beg. bal. End. bal End. bal Interest Revenue Wages Expense Beg. bal. Beg. bal. End. bal. End. bal. Travel Expense Utilities Expense Beg. bal. Beg. bal. End. bal. End. bal. Rent Expense Beg. bal. End. bal
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