Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 17 Aug 2017 My Price 13.00

Fighting Illini Financial Services

The year-end financial statements of Fighting Illini Financial Services are provided below.

FIGHTING ILLINI
Income Statement
  Service revenue       $ 90,100  
  Expenses:            
     Salaries $ 49,600        
     Supplies   9,000        
     Rent   7,900        
     Delivery   4,100     70,600  
             
  Net income       $ 19,500
FIGHTING ILLINI
Statement of StockholdersAc€?c Equity
  Common
Stock		 Retained
Earnings		 TotalS. Equity
  Beg. bal.,Jan. 1 $ 53,000   $ 31,700   $ 84,700  
  Issue stock   15,000            15,000  
  Net income           19,500     19,500  
  Dividends         (6,600 )   (6,600 )
                   
  Ending bal.,Dec. 31 $ 68,000   $ 44,600   $ 112,600  
FIGHTING ILLINI
Balance Sheet
Assets       Liabilities            
  Cash $ 7,200     Accounts payable       $ 23,000  
  Accounts receivable   9,400   Stockholders' Equity            
  Land   119,000     Common stock $ 68,000        
          Retained earnings   44,600     112,600  
                     
     Total assets $ 135,600        Total liabs. and equities       $ 135,600  
                     
 
1. Record year-end closing entries. (Omit the "$" sign in your response.)
Date General Journal Debit Credit
  Dec. 31   (Click to select)Delivery expenseAccounts receivableService revenueAccounts payableSalaries expenseRent expenseSupplies expenseDividends     
         (Click to select)Accounts payableCashDelivery expenseRent expenseSupplies expenseRetained earningsAccounts receivableSalaries expense     
       
    (Click to select)Salaries expenseCashAccounts receivableAccounts payableDelivery expenseSupplies expenseRent expenseRetained earnings     
         (Click to select)Rent expenseAccounts payableService revenueDividendsSupplies expenseDelivery expenseAccounts receivable Salaries expense     
         (Click to select)Service revenue Salaries expenseAccounts payableRent expenseSupplies expenseDividendsAccounts receivableDelivery expense     
         (Click to select)Service revenueDividendsDelivery expenseRent expenseAccounts payable Salaries expenseAccounts receivableSupplies expense     
         (Click to select) Salaries expenseSupplies expenseService revenueAccounts payableAccounts receivableDividendsRent expenseDelivery expense     
       
    (Click to select)CashAccounts payableDelivery expenseSalaries expenseRetained earningsRent expenseSupplies expenseAccounts receivable     
         (Click to select)Delivery expenseAccounts receivableDividendsCashSalaries expenseAccounts payableService revenueSupplies expense     
 

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 08:08 PM My Price 13.00

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