Problem 1:
Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014.
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Accounts payable
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$ 9,120
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Notes payable
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$ 15,240
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Accounts receivable
|
|
6,120
|
|
Rent expense
|
|
14,120
|
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Advertising expense
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4,270
|
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Retained earnings
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|
?
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Cash
|
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7,220
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Service revenue
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33,240
|
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Common stock
|
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19,120
|
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Supplies
|
|
6,020
|
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Dividends
|
|
6,620
|
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Supplies expense
|
|
1,430
|
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Equipment
|
|
30,920
|
|
|
|
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1. Prepare an income statement for Marsh Corporation.
2. Prepare a retained earnings statement for Marsh Corporation.
3. Prepare a balance sheet for Marsh Corporation.
Problem 2:
The statement of financial position for Ruiz Company includes the following accounts (in British pounds): Accounts Receivable £12,500; Prepaid Insurance £3,600; Cash £15,400; Supplies £5,200; and Debt Investments (short-term) £6,700. Prepare the current assets section of the statement of financial position, listing the accounts in proper sequence.