Description
Cougar’s Accounting Services provides low-cost tax advice and preparation to those with financial need. At the end of the current period, the company reports the following amounts: Assets = $15,000; Liabilities = $13,000; Revenues = $24,000; Expenses = $31,000.
Gator Investments provides financial services related to investment selections, retirement planning, and general insurance needs. For the current year, the company reports the following amounts:
| Advertising expense | $ | 33,000 | Service revenue | $ | 125,100 | ||
| Buildings | 145,000 | Interest expense | 3,000 | ||||
| Salaries expense | 64,600 | Utilities expense | 15,000 | ||||
| Accounts payable | 5,900 | Equipment | 24,500 | ||||
| Cash | 5,000 | Notes payable | 27,500 | ||||
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