Prepare frequent ads income statement and balance sheet

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Reference no: EM13913550

The accounts of Frequent Ad, an agency that develops marketing materials for print, radio, and television, follow. The agency's first year of operations just ended on January 31, 2014.

Accounts Payable	$ 19,400	Income Taxes Payable	$ 560
Accounts Receivable	24,900	Marketing Expense	6,800
Advertising Service Revenue	165,200	Office Rent Expense	13,500
Cash	1,800	Salaries Expense	86,000
Common Stock	5,000	Salaries Payable	1,300
Dividends	0	Supplies	1,600
Equipment Rental Expense	37,200	Supplies Expense	19,100
Income Taxes Expense	560

Required:

1. Prepare Frequent Ad's income statement, statement of retained earnings, and balance sheet.

2. Business application- Review the financial statements and comment on the financial challenges Frequent Ad faces.

Reference no: EM13913550

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