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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Actual Year
Projected Year 2022
2021
Revenues - high school students
88,200
110,300
Revenues - adult learners
571,200
745,000
Accounts receivable - high schools
7,400
10,200
Accounts receivable - adult learners
47,600
73,000
Commissions expense
21,400
27,800
Commissions payable
900
1,200
Salaries and benefits expense
638,900
947,000
Rent expense
12,000
12,400
Prepaid rent
1,200
1,200
Prepaid insurance
2,800
3,000
High school expenses (Cost of Sales)
49,400
65,300
Adult learner expenses (Cost of Sales)
68,500
98,700
Long-term debt
Depreciation expense
10,000
18,000
Other operating expenses
50,000
55,000
Accounts payable
14,800
15,700
Salaries and benefits payable
26,600
37,500
3,800
Payroll taxes payable
Income tax expense
2,700
Fixed assets, net of accumulated depreciation
35,000
45,000
Retained earnings (Accumulated deficit)
(96,000)
Common and preferred stock
400,000
75,000
400,000
Cash
255,000
Interest expense
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