Selected accounts of Armstrong Consulting, Inc., a financial services business, have the following..
Selected accounts of Armstrong Consulting, Inc., a financial services business, have the following balances at December 31, 2013, the end of its first year of operations. During the year, Lori Armstrong, the only shareholder, bought $20,000 of shares in the business. Office Furniture $ 28,000 Utilities Expense 12,600 Accounts Payable 3,800 Note Payable 21,500 Service Revenue 141,500 Accounts Receivable 9,500 Supplies Expense 4,200 Rent Expense $36,000 Cash 5,400 Office Supplies 800 Salary Expense 43,000 Salaries Payable 2,000 Property Tax Expense 2,300 Equipment 22,000 Requirements 1. Identify each as an asset, liability, revenue, or expense. 2. Prepare the income statement of Armstrong Consulting, Inc. for the year ended December 31, 2013. What is the result of operations for 2013? 3. Assuming the balance in Retained Earnings on December 31, 2013, was $18,400, what was the amount of the Dividends during the year? Answer by preparing a statement of retained earnings to solve for the dividends. Recall that the business has just completed its first year and has no beginning balance for retained earnings.
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