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Question 1.Flynn Design Agency was founded by Kevin Flynn in January 2009. Presented below is the adjusted trial balance as of December 31, 2010.
Flynn Design Agency
Adjusted Trial Balance
December 31, 2010
Account Titles
Dr
Cr
Cash
$10,000
Accounts Receivable
21,500
Art Supplies
5,000
Prepaid Insurance
2,500
Printing Equipment
68,000
Accumulated Depreciation
$35,000
Accounts Payable
8,000
Interest Payable
150
Notes Payable
Unearned Advertising Revenue
5,600
Salaries Payable
1,300
Common Stock
10,000
Retained Earnings
3,500
Advertising Revenue
71,500
Salaries Expense
14,300
Insurance Expense
850
Interest Expense
500
Depreciation Expense
Art Supplies Expense
3,400
Rent Expense
4,000
Total
$140,050
Prepare a single-step income statement for the year ending December 31, 2010.
Question 2.The adjusted trial balance of Cavamanlis Co. as of December 31, 2011 contains the following.
$18,972
9,920
Prepaid Rent
2,280
Equipment
18,050
$4,895
5,700
4,472
20,000
11,310
Dividends
3,000
Service Revenue
15,590
6,840
2,760
145
83
$62,050
Instructions
Prepare in good form a balance sheet for the year ended December 31, 2011.
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