Solution-Problem regarding the contributed capital

Problem regarding the contributed capital

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Reference no: EM131413018

On January 1, 2015, Fast Track, Inc. was started with $30,000 invested by the owners as contributed capital.

On December 31, 2015, the accounting records contained the following amounts:

Accounts Payable	$1,800	Dividends Declared and Paid	$1,900
Accounts Receivable	2,200	Office equipment	25,000
Accumulated Depreciation	500	Office supplies	1,750
Cash	10,000	Office supplies expense	600
Consulting fees revenue	19,200	Rent expense	2,400
Common stock	30,000	Salary expense	6,900
Depreciation expense	500	Telephone expense	250

The Company also estimates that it will have to pay income tax expense of $550.
The Company has 100,000 shares of common stock outstanding.
Prepare an income statement at December 31, 2015 for the first year of Fast Track's operation in proper form. Be sure to include income tax expense and earnings per share.

Reference no: EM131413018

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Problem regarding the contributed capital : On January 1, 2015, Fast Track, Inc. was started with $30,000 invested by the owners as contributed capital. On December 31, 2015, the accounting records contained the following amounts:

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Problem regarding the contributed capital

Reference no: EM131413018

Reference no: EM131413018

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