On May 31, 2016, Deana's Services Company Had Account Balances

question 71

Essay

On May 31, 2016, Deana's Services Company had account balances as follows: $$\begin{array} { l r } \text { Accounts payable } & \$ 9,900 \\\text { Accounts receivable } & 26,950 \\\text { Cash } & 11,390 \\\text { Fees earned } & 70,800 \\\text { Insurance expense } & 1,475 \\\text { Land } & 74,400 \\\text { Miscellaneous expense } & 1,510 \\\text { Prepaid insurance } & 2,000 \\\text { Rent expense } & 8,000 \\\text { Salary expense } & 35,300 \\\text { Dividends } & 15,100 \\\text { Supplies } & 950 \\\text { Supplies expense } & 825 \\\text { Utilities expense } & 3,800 \\\text { Capital stock } & 81,000 \\\text { Retained earnings (beginning balance on May 1, 2016) } & 20,000\end{array}$$ Present, in good form, (a) an income statement for May, (b) a statement of shareholders' equity for May, and (c) a balance sheet as of May 31.

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Definitions:

Schedule Variance

The difference between the planned and the actual project progress, indicating whether a project is ahead or behind schedule.

Resource Flow Variance

Variations in the rate, timing, and quality of resources being supplied to or produced by a process.

Detailed Cost Estimates

An in-depth prediction of the likely costs of a project, based on detailed information and analysis.

Estimate At Completion

A forecasting tool used in project management to predict the total cost of a project at its completion.