Workbook - Week 1 Assignments - ACC290 - MARSH CORPORATION...

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MARSH CORPORATIONIncome StatementFor the Year Ended December 31, 2014RevenuesService revenue$27,380ExpensesSupplies expense$1,340Rent expense11,190Advertising expense4,360Total expenses16,890Net income$10,490MARSH CORPORATIONRetained Earnings StatementFor the Year Ended December 31, 2014Retained Earnings, January 1$0Add: Net Income10,49010,490Less: Dividends3,690Retained earnings, December 31$6,800MARSH CORPORATIONBalance SheetDecember 31, 2014AssetsCash$4,290Accounts receivable3,190Supplies3,090Equipment27,990Total assets$38,560Liabilities and Stockholders' EquityLiabilitiesNotes payable$9,380Accounts payable6,190Total liabilities$15,570Stockholders' equityCommon stock16,190Retained earnings6,800Total stockholders' equity22,990Total liabilities and stockholders' equity$38,560
(a)(b)Accounts payableLiabilityOperating activityAccounts receivableAssetOperating activityEquipmentAssetInvesting activitySales revenueRevenueOperating activityService revenueRevenue
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Term
Spring
Professor
MR
Tags
Accounting, Balance Sheet, Income Statement, Revenue, Net Income, Expense, Generally Accepted Accounting Principles, Operating activity

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