Chapter%203%20E3-11%20E3-14 - E3-11(p.139(a ANDERSON COOPER CO Income Statement For the Year Ended Revenues Service revenue Expenses Salaries and wages

Chapter%203%20E3-11%20E3-14 - E3-11(p.139(a ANDERSON COOPER...

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E3-11 (p.139) (a) ANDERSON COOPER CO. Income Statement For the Year Ended December 31, 2014 Revenues Service revenue .......................................................... $11,590 Expenses Salaries and wages expense ...................................... $6,840 Rent expense .............................................................. 2,260 Depreciation expense ................................................. 145 Interest expense ......................................................... 83 9,328 Net Income ............................................................................. $ 2,262 (b) ANDERSON COOPER CO. Statement of Retained Earnings For the Year Ended December 31, 2014 Retained earnings, January 1 .................................................................... $11,310 Add: Net income ........................................................................................ 2,262 13,572 Less: Dividends .......................................................................................... 3,000 Retained earnings, December 31 .............................................................. $10,572 (c) ANDERSON COOPER CO. Balance Sheet December 31, 2014 Assets Current Assets Cash ...................................................................... $19,472 Accounts receivable .............................................. 6,920 Prepaid rent .......................................................... 2,280 Total current assets ........................................ 28,672 Property, plant, and equipment Equipment ............................................................. $18,050 Accumulated depreciation equipment (4,895) 13,155 Total assets

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