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Preparation and Interpretation of Financial Statements
Fuel Designs' financial accounts follow. The company has just completed its tenth year of operations ended December 31, 2014.
Accounts Payable
$ 3,600
Accounts Receivable
4,500
Cash
71,700
Commission Sales Revenue
400,000
Commissions Expense
225,000
Commissions Payable
22,700
Equipment
59,900
Marketing Expense
20,100
Office Rent Expense
36,000
Owner's Capital, December 31, 2013
64,300
Supplies
700
Supplies Expense
2,600
Telephone and Computer Expenses
5,100
Wages Expense
32,000
Withdrawals
33,000
Required:
1. Prepare Fuel Designs' income statement, statement of owner's equity, and balance sheet. There were no investments by the owner during the year.
2. Accounting Connection- The owner is considering expansion. What other financial statement would be useful to the owner in assessing whether the compa- ny's operations are generating sufficient funds to support the expenses? Why would it be useful?
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