On September 1, 2016, Fast Track, Inc. was started with $30,000 invested by the owners as contributed capital. On September 30, 2016, the accounting records contained the following amounts:Accounts payable$1,800Dividends declared and paid $1,900Accounts receivable2,20025,000Accumulated depreciation 50010,00019,20030,000CashConsulting fees revenueCommon stockOffice equipmentOffice suppliesOffice supplies expenseRent expense500Telephone expenseWages expenseDepreciation expenseRequired:Prepare a balance sheet for Fast Track, Inc. as of September 30, 2016.1,7506002,4002506,900

Financial statements include an income statement, a statement of owner's equity and a balance…

On September 1, 2016, Fast Track, Inc. was started with $30,000 invested by the owners as contributed capital. On September 30, 2016, the accounting records contained the following amounts: Accounts payable Dividends declared and paid $1,900 Accounts receivable 25,000 1,750 $1,800 2,200 Accumulated depreciation 500 Cash Office equipment Office supplies Office supplies expense 10,000 19,200 Rent expense 30,000 Consulting fees revenue Common stock Depreciation expense Required: Prepare a balance sheet for Fast Track, Inc. as of September 30, 2016. 500 Telephone expense Wages expense 600 2,400 250 6,900

On September 1, 2016, Fast Track, Inc. was started with $30,000 invested by the owners as contributed capital. On September 30, 2016, the accounting records contained the following amounts: Accounts payable Dividends declared and paid $1,900 Accounts receivable 25,000 1,750 $1,800 2,200 Accumulated depreciation 500 Cash Office equipment Office supplies Office supplies expense 10,000 19,200 Rent expense 30,000 Consulting fees revenue Common stock Depreciation expense Required: Prepare a balance sheet for Fast Track, Inc. as of September 30, 2016. 500 Telephone expense Wages expense 600 2,400 250 6,900

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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