Use the Following Information Available at the End of 2012

question 130

Essay

Use the following information available at the end of 2012 to prepare an income statement and balance sheet on December 31,2012,for Goldie Company.
Fees for services performed during the year,$120,000
Accounts payable,$18,500
Accounts receivable,$17,300
Miscellaneous costs for the year,$8,700
Supplies on hand,$2,700
Notes payable outstanding,$30,000
Interest cost on the note for the year,$3,000
Equipment,$84,400
Cash on hand,$11,200
Salaries cost for the year,$71,500
Supplies cost for the year,$9,400
Rent cost for the year,$12,000
Common stock that has been issued,$60,000
Retained earnings at the end of the year,$7,100

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Definitions:

White House Staff

Employees of the White House Office who directly support and advise the President of the United States, including senior aides, advisors, and support staff.

Independent Authority

An organization or body that operates autonomously from government control, often established to regulate certain activities or uphold standards.

Political Base

The group of voters or supporters that are reliably supportive of a political party or candidate.

Cabinet

A body of high-ranking officials, typically consisting of the top leaders of the executive branch in a government, often headed by the President or Prime Minister, responsible for advising and administering government policies and decisions.