Do It! Review 1-3 - Do It Review 1-3 Marsh Corporation...

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Unformatted text preview: Do It! Review 1-3 Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014. Accounts payable Accounts receivable Advertising expense Cash Common stock Dividends Equipment $ 9,440 6,440 4,140 7,540 19,440 6,940 Notes payable Rent expense Retained earnings Service revenue Supplies Supplies expense $ 15,880 14,440 ? 33,880 6,340 1,560 31,240 Your answer is correct. Prepare an income statement for Marsh Corporation. MARSH CORPORATION Income Statement For the Year Ended December 31, 2014 SHOW LIST OF ACCOUNTS Revenues $ LINK TO TEXT Service Reven 33880 Expenses Rent YourExpense answer is correct. $ 14440 Prepare a retained earnings statement for Marsh Corporation. (List items that increase Advertising ex 4140 retained earnings first.) Supplies expe 1560 MARSH CORPORATION Retained Earnings Statement Total Expenses For the Year Ended December 31, 2014 SHOW LIST OF ACCOUNTS 20140 $ $ Retained Earnings, Net Income / (Loss)January 1 0 13740 LINK TO TEXT : Add 13740 Net Income / (Loss) 13740 Your answer : is correct. Less 6940 Dividends Prepare a balance sheet for Marsh Corporation. (List assets in order of liquidity.) $ Retained Earnings, December 31 6800 MARSH CORPORATION Balance Sheet December 31, 2014 Assets $ Cash 7540 Accounts Rec 6440 Supplies 6340 Equipment 31240 $ Total Assets 51560 Liabilities and Stockholders' Equity Liabilities Notes Payable $ 15880 Accounts Pay 9440 $ Total Liabilities 25320 Stockholders' Equity Common Stock Retained Earn $ 19440 6800 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 26240 $ 51560 ...
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