P3-2 - P3-2 A. Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec....

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Unformatted text preview: P3-2 A. Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 B. Accounts Receivable Service Revenue Unearned Service Revenue Service Reveunue Supplies Expense Supplies Depreciation Expense Accumulated Expense Interest Expense Interest Payable Insurance Expense Prepaid Insurance Salaries Expense Salaries Payable 3500 3500 1400 1400 5400 5400 5000 5000 150 150 850 850 1300 1300 Manson Advertising Agency Income Statement December 31, 2012 Revenues Advertising revenue Expenses Salaries expense Art Supplies expense Depreciation expense Rent expense Insurance expense Interest expense Total expense Net Income Retained earnings…Jan. 1 Add: Net Income Retained earings…Dec. 31 $63,500.00 $11,300.00 $5,400.00 $5,000.00 $4,000.00 $850.00 $500.00 $27,050.00 $36,450.00 Manson Advertising Agency Statement of Retained Earnings December 31, 2012 $3,500.00 $36,450.00 $39,950.00 Manson Advertising Agency Balance Sheet December 31, 2012 Assets Cash Accounts receivable Art supplies Prepaid insurance Printing equipment Less: Accumulated depreciation--printing equipment Total assets $11,000.00 $23,500.00 $3,000.00 $2,500.00 $60,000.00 $33,000.00 $27,000.00 $67,000.00 Liabilities Notes payable Accounts payable Unearned advertising revenue Salaries payable interest payable Total liabilities $5,000.00 $5,000.00 $5,600.00 $1,300.00 $150.00 $17,050.00 Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity $10,000.00 $39,950.00 $49,950.00 $67,000.00 ...
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This note was uploaded on 11/13/2011 for the course ECON 201 taught by Professor Bonistis during the Spring '11 term at NJIT.

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