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 400,000 400,000 75,000 Cash 255,000 Interest expense

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 400,000 400,000 75,000 Cash 255,000 Interest expense

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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