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  • Financial Statement Preparation

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    Alton Jurah
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    The document lists accounting items for Fukushima's balance sheet and income statement for the year. It includes assets like cash, accounts receivable, land, buildings and equipment; liabilities like accounts payable and salaries payable; equity like capital; and revenues, expenses and withdrawals for the year such as auditing revenues, depreciation, supplies, salaries, rent and utilities expenses. It also notes Fukushima invested an additional $22,000 in the business during the year.

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    The document lists accounting items for Fukushima's balance sheet and income statement for the year. It includes assets like cash, accounts receivable, land, buildings and equipment; liabilities like accounts payable and salaries payable; equity like capital; and revenues, expenses and withdrawals for the year such as auditing revenues, depreciation, supplies, salaries, rent and utilities expenses. It also notes Fukushima invested an additional $22,000 in the business during the year.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    18 views1 page

    Financial Statement Preparation

    Uploaded by

    Alton Jurah
    The document lists accounting items for Fukushima's balance sheet and income statement for the year. It includes assets like cash, accounts receivable, land, buildings and equipment; liabilities like accounts payable and salaries payable; equity like capital; and revenues, expenses and withdrawals for the year such as auditing revenues, depreciation, supplies, salaries, rent and utilities expenses. It also notes Fukushima invested an additional $22,000 in the business during the year.

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    © All Rights Reserved
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    The accounts for the balance sheet and income statements of Fukushima are as follows:

    Accounts payable 63,500


    Accounts Receivable 198,000
    Accumulated Depreciation-Building 110,000
    Accumulated Depreciation- Office Equipment 120,000
    Auditing Revenues 1,361,500
    Building 750,000
    Cash 118,500
    Depreciation Expense- Building 55,000
    Depreciation Expense- Office Equipment 60,000
    Fukishima, Capital Beginning 1,193,500
    Fukushima withdrawal 165,000
    Land 75,000
    Notes Receivable 60,000
    Office Equipment 362,500
    Office Supplies Expense 96,000
    Office Supplies 28,000
    Professional Development Expense 86,500
    Rent Expense 52,500
    Salaries Expense 735,000
    Salaries Payable 30,500
    Travel Expense 41,000
    Utilities Expense 18,000

    During the year, Fukushima invested additional 22,000 in the business

    Required:

    Prepare Balance Sheet and Income Statement

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