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  3. at january 1 beginning of its fiscal year conover inc...

Question: at january 1 beginning of its fiscal year conover inc...

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At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands of dollars, except number of shares and par value per share) S 230 1,360 Cash Short-term investments Accounts receivable Supplies Prepaid expenses Office equipment Accum $ 1,940 Accounts payable 430 Unearned revenue 3,630 Salaries Payable 170 Short-term note payable 4800 Common stock ($1 par value) 1,570 Additional paid-in capital (460) Retained earnings 800 52 6,658 2,070 lated depreciation-office equipment a Received $9,900 cash for consulting services rendered. b. Issued 10,040 additional shares of common stock at a market price of $122 per share c. Purchased $680 of equipment, paying 25 percent in cash and owing the rest on a short-term note d. Received $910 from clients for consulting services to be performed in the next year e. Bought $510 of supplies on account. f Incurred and paid $1,860 in utilities for the current year g Consulted for clients in the current year for fees totaling $1,660, due from clients in the next year. h. Received $3,380 from clients paying on their accounts. I. Incurred $6,250 in salaries in the current year, paying $5,360 and owing the rest (to be paid next year). j. Purchased $1,270 in short-term investments and paid S820 for insurance coverage beginning in the next fiscal year. k. Received $12 in interest revenue eamed in the current year on short-term investments Required Prepare in good tom an income statement for the current year ended December 31. (Ignore income taxes.) (Enter your answer in thousands, not in dollars.)

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