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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.
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