The Accountant for Flagger Company Prepared the Following List of Accounting

question 149

Essay

The accountant for Flagger Company prepared the following list of accounting equation element balances from the company's records for the year ended December 31:? $$\begin{array} { l r l r } \text { Fees earned } & \$ 165,000 & \text { Cash } & \$ 30,000 \\\text { Accounts receivable } & 14,000 & \text { Selling expenses } & 44,000 \\\text { Equipment } & 42,000 & \text { Flagger, capital } & 36,000 \\\text { Accounts payable } & 12,000 & \text { Interest income } & 3,000 \\\text { Salaries and wages expense } & 40,000 & \text { Rent expense } & 51,000 \\\text { Income taxes payable } & 5,000 & \text { Prepaid rent } & 2,000 \\\text { Notes payable } & 20,000 & \text { Income taxes expense } & 18,000\end{array}$$ Prepare an income statement for Flagger Company in good form.

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Definitions:

Primary Activity

Primary activity is a principal operation or function directly involved in creating and delivering a product or service, such as production, marketing, and sales.

Strategic Priority Analysis

The process of identifying and evaluating the importance and urgency of different strategic initiatives or actions to achieve business objectives.

Integrated Analysis

Integrated analysis is a comprehensive examination that combines various data sources and methodologies to gain a complete understanding of a complex problem or situation.

Dissonance Analysis

The examination of inconsistencies between beliefs and behaviors, often applied in marketing to understand consumer decision-making processes.