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undefined On September 1, 2020, Fast Track, Inc. was started with $30,000 invested by the owners as contributed capital. On September 30, 2020, the accounting
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On September 1, 2020, Fast Track, Inc. was started with $30,000 invested by the owners as contributed capital. On September 30, 2020, the accounting records contained the following amounts: Accounts payable $1,800 Dividends declared and paid $1,900 Accounts receivable 2,200 Office equipment 25,000 Accumulated depreciation 500 Office supplies 1,750 Cash 10,000 Office supplies expense 600 Consulting fees revenue 19,200 Rent expense 2,400 Common stock 30,000 Telephone expense 250 Depreciation expense 500 Wages expense 6,900 Prepare a balance sheet and income statement for September for the first month of Fast Track's operation in order to answer the following questions: 1. Net income is? $ 2. Current assets are $ 3. Total assets are $ 4. Retained earnings is? $ 5. Total equity is $Step by Step Solution
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