Question

	Please prepare a balance sheet with the given information. You have been hired as an accountant for NFT Consulting Inc. This business was created when some friends decided to make use of their newly minted college degrees and go into business together. The business was created on November 1, 2017. The company will have a fiscal year end of October 31st.   The initial formation transactions and early purchases for NFT Consulting Inc. resulted in the balances that are included in the first 2 columns of the Worksheet. (see the worksheet tab)
	During November, the first month of operations, the following transactions occurred:
Date	Event
1-Nov	Paid $7,200 for 12 months rent on office space
2-Nov	Purchased office furniture for $8,950.
3-Nov	Purchased $11,354 of additional office supplies on account.
8-Nov	Borrowed 20,000 from the bank for operating cash. The note has a 3% interest rate (simple interest) and is to be paid back in 4 years
15-Nov	Received $10,800 from Fortuna Inc. for work to be performed over the next 12 months.
20-Nov	Paid $1,560 for utilities.
21-Nov	Performed services for various customers for $13,200 cash and another $18,100 on account.
25-Nov	Paid $8,650 for purchases of supplies previously made on account.
27-Nov	Paid salaries to employees totaling $5,200 for 1 week.
30-Nov	Collected $12,300 as payment for amounts previously billed.
30-Nov	Dividends of $3,000 were declared and paid.
	At the end of November, the following additional information is available to help determine what adjustments are needed:
30-Nov	One month of the prepaid rent has been used up
30-Nov	Supplies on hand are $8,150.
30-Nov	One month of interest has accrued on the note payable for the bank loan.
30-Nov	One month of the services for the Fortuna Inc. has been performed (see above).
30-Nov	Salaries of $5,200 are paid every Friday (for a 5 day work week). November 30, 2017 was a Thursday.
30-Nov	Additional work for customers of $9,580 has been performed during the last week of November but not yet billed
30-Nov	Depreciation expense for the computer equipment is $140 and for the office furniture is $120

Answer 1

NFT Consulting Inc.
Balance Sheet
as on Nov.30
Assets
Prepaid Rent	$6,600.00
Supplies	$8,150.00
Accounts Receivables	$15,380.00
Cash	$21,740.00
Current assets		$51,870.00
Office Furniture	$8,950.00
Less : Accumulated depreciation	$260.00	$8,690.00
Total Assets		$60,560.00
Liabilities and Equity
Unearned Service Revenue	$9,900.00
Salaries Payable	$5,200.00
Interest Payable	$50.00
Accounts Payable	$2,704.00
Current Liabilities		$17,854.00
Note Payable		$20,000.00
Owners Equity
Beginning balance
Add: Net Income	$25,706.00
Less : Dividend paid	$3,000.00	$22,706.00
Total Liabilities and Equity		$60,560.00