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PLEASE ANSWER ALL PARTS WITH A RED X

Cash $-23,460$

Accounts Receivable $-157,849$

Supplies$-91,080$

Prepaid Insurance $-31,050$

Equipment $-472,650$

Less: Accumulated Depreciation $165,416$

Total Assest $-610,673$

Notes Payable $-207,000$

Accounts Payable $-28,980$

Contract Liabilities $-77,970$

Wages Payable $-2760$

Total Liabilities $-316,710$

Common Stock $-55,200$

Retained Earnings $-238,763$

Total Liabilities & Equity $-610,673$

$1.$ On January $1$ the $$rm paid a $$31,050$ insurance premium for $2$ years of coverage; the amount in Prepaid Insurance has not yet been adjusted.

$2.$ Depreciation on the equipment should be $10\%$ of cost per year; the company inadvertently recorded $15\%$ for the year.

$3.$ Interest on the bank loan has been paid through the end of the year.

$4.$ The $$rm concluded a major consulting engagement in December, doing a plant layout analysis for a new factory. The $$41,400$ fee has not been billed or recorded in the accounts.

$5.$ On December $1,$ the $$rm received a $$77,970$ advance payment from Croy Corporation for consulting services to be rendered over a $2-$month period. This payment was credited to the Contract Liabilities account. One$-$half of this fee was earned by December $31.$

$6.$ Supplies costing $$33,120$ were available on December $31$; the company has made no entry in the accounts.

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