Use the Following Information Available at the End of 2012

question 106

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:

Provide Well

The act of adequately supplying what is needed, often used in the context of fulfilling financial or emotional needs in familial or relationship settings.

Socioeconomic Status

A measure of an individual's or family's economic and social position relative to others, based on income, education, and occupation.

Raising a Family

The act and responsibility of nurturing, educating, and providing for children within a household.

Leisure Activities

Activities undertaken for enjoyment, relaxation, or pleasure during free time, not related to work or obligations.