The Following Accounts Were Taken from the Adjusted Trial Balance $\qquad$

question 43

Essay

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet for April 30, 2010 for Finnegan Co.:
Accumulated Depreciation $\qquad$$\qquad~$ $32,000
Fees Earned $\qquad$$\qquad$$\qquad$$\qquad~~~~$ 78,000
Depreciation Expense $\qquad$$\qquad$$\qquad$ 7,250
Rent Expense $\qquad$$\qquad$$\qquad$$\qquad~~~$ 34,000
Prepaid Inswance $\qquad$$\qquad$$\qquad~~~~~~$ 6,000
Supplies $\qquad$$\qquad$$\qquad$$\qquad~~~~~~~~~~$ 400
Supplies Expense $\qquad$$\qquad$$\qquad$$\quad~~$ 1,800 Prepare an income statement.

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Definitions:

Autograph Fraud

Involves the forgery or misrepresentation of a celebrity or notable individual's signature with the intent to deceive or profit.

Holder in Due Course

A legal term describing a party who has acquired a negotiable instrument in good-faith and for value, and thus has certain rights above the original payee, especially in terms of enforcing payment.

Fair Value

An estimate of the market value of an asset, determined by mutual agreement between a willing buyer and seller, each possessing adequate information.

Good Faith

Acting with honesty and without the intention to defraud or to seek an unfair advantage.