GoodJob Inc. Unadjusted Trial Balance December 31,2020 Account Debit Credit Cash 304,150 Accounts Receivable 99,000 Office...

GoodJob Inc. Unadjusted Trial Balance December 31,2020 Account Debit Credit Cash 304,150 Accounts Receivable 99,000 Office supplies 880 Prepaid rent. 3,960 Unexpired insurance 1,650 Office equipment 79,200 Accumulated depreciation: office equipment 26,400 Accounts payable 4,400 Notes payable (due 3/1/12) 66,000 Interest payable 660 Income taxes payable 9,900 Dividends payable 3,500 Unearned consulting fees 24,200 Capital stock 220,000 Retained earnings 44,000 Dividends 3,500 Consulting fees earned 550,000 Rent expense 16,170 Insurance expense 2,420 Office supplies expense 4,950 Depreciation expense: office equipment 12,100 Salaries expense 363,000 Utilities expense 5,280 Interest expense 3,300 Income taxes expense 49,500 Totals 949,060 949,8060

6. Compute the company’s average monthly rent expense for January through May 2020 (5 points).

7. If the company purchased all of its office equipment when it first incorporated, for how long has it been in business as of December 31, 2020? (5 points).

8. Using the financial statements prepared in part b., evaluate the company ́s (i) profitability, (ii) liquidity, and (iii) solvency. (15 points).

Expert Solution

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ekkarill92 answered 1 year ago

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