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Old Thursday, December 15, 2016
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Default Solution Q 2.(a,b,c) A&A Paper 1,2016

Global Service Company
For The Quarter ended June 30
Revenues $ $
Service Revenue 11360
Rent revenue 900
Total revenues 12260
Supplies Expense 160
Depreciation expenses 700
Utiities expenses 350
Interest expense 40
Salaries & Wages expense 7400
Rent Expense 1200
Total expenses (9850)
Net income 2410 (a)

Global Service Company
Statement of Retained Earnings
For the quarter ended June 30

Retained earnings at Quarter ended March,31 _
Net income for the year quarter ended june 30 2410
Dividends paid to shareholders (500)
Retained earnings at june 30 1910 (b)

Global Service Company
Balance sheet
Quarter ended June, 30
$ $
Current assets
Cash 5190
Accounts receivable 480
Prepaid expenses 720
Total current assets 6390
Property, plant, and equipment
Land—at cost 12000
Less: Accumulated depreciation (700)
Supplies 920
Total property, plant, and equipment 12220
Total Assets 18160
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable 790
Accrued interest 10
Accrued salaries, wages 300
Unearned revenue 400
Total Current Liabilities 1500
Long term Debt
Notes Payable 4000
Total current liabilities Long-term debt 5500
Total Stockholders’ equity
Share Capital ordinary 11200
Retained Earnings 1910
Total stockholders’ equity 13100
Total liabilities and stockholders’ equity 18160 (c)
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