163.Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b)currentliability, (c) revenue, or (d) expense:
(1)
Supplies
(5)
Supplies Expense
(2)
Unearned Fees
(6)
Prepaid Insurance
(3)
Prepaid Advertising
(7)
Accounts Payable
(4)
Advertising Expense
(8)
Fees Earned
164.The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet forApril 30, for Finnegan Co.:
Accumulated Depreciation
$32,000
78,000
Depreciation Expense
7,250
Rent Expense
34,000
6,000
400
1,800
Prepare an income statement.
Finnegan Co.
Income Statement
For the Period Ended April 30
Fees earned
$78,000
Rent expense$34,000
Depreciation expense7,250
Supplies expense1,800
Total expenses
43,050
Net income
$34,950
165.The following revenue and expense account balances were taken from the Income Statement columns of the worksheet for Fraser Services Co. for December 31:
$ 4,950
Insurance Expense
2,900
Miscellaneous Expense
1,200
24,000
Service Revenue
92,500
3,150
Utilities Expense
5,000
Wages Expense
63,750
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