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    8. On May 1, 2006, the amount of capital stock in Moore Services Company was $71,000 and retained earnings was $30,000. During May, the company paid dividends of $15,100. The amounts of the various assets, liabilities, revenues, and expenses are as follows:

    Accounts payable $8,900
    Accounts receivable 25,950
    Cash 11,390
    Fees earned 70,800
    Insurance expense 1,475
    Land 74,400
    Miscellaneous expense 1,510
    Prepaid insurance 2,000
    Rent expense 8,000
    Salary expense 35,300
    Supplies 950
    Supplies expense 825
    Utilities expense 3,800

    Present in good form (a) an income statement for May, (b) a balance sheet as of May 31.

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    8. On May 1, 2006, the amount of capital stock in Moore Services Company was $71,000 and retained earnings was $30,000. During May, the company paid dividends of $15,100. The amounts of the various assets, liabilities, revenues, and expenses are as follows:

    Accounts payable $8,900
    Accounts receivable 25,950
    Cash 11,390
    Fees earned 70,800
    Insurance ...

    Solution Summary

    This solution is comprised of a detailed explanation to present in good form (a) an income statement for May, (b) a balance sheet as of May 31.

    $2.49

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