Fast Deliveries, Inc. (FDI), was organized in December last year and had limited

Question

Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below: FAST DELIVERIES, INC. Balance Sheet at January 1 Assets Liabilities: Cash Accounts Receivable Supplies $11,900 Accounts Payable 700 820 Stockholders' Equitys 650 Common Stock Retained Earninga 11,830 840 Total Assets $13,370 Ttal Liabilities and Stockholders Equity $13,370 Two employees have been hired, at a monthly salary of $2,100 each. The following transactions occurred during January of the current year

Explanation / Answer

Income statement

FAST DELIVERIES INC. Income statement For the month ended january 31 Revenue Service revenue 21340 Expenses Delivery expense 19200 Depreciation expense 400 Insurance expense 350 Interest expense 100 Rent expense 300 Salaries and wages expense 4200 Supplies expense 1790 Utilties expense 1100 Total expense 27440 Net income (loss) (6100)

Related Questions

Navigate

• Browse (All)
• Browse F
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.