Question

XYZ Company - Balance Sheet As of12/31/2014
Assets
Current Assets
Cash				$ 50,000
Accounts Receivable				$ 35,000
Total Current Assets						$85,000
Long-term Investments
Investments in Hokie Co. - AFS						$25,000
Property Plant and Equipment
Printing Equipment				$100,000
less Accumulated Depreciation				$ (40,000)		$60,000
Building				$ 110,000
less Accumulated Depreciation				$ (3,667)		$106,333
Intangible Assets
Trademark						$10,000
Total Assets							$ 286,333
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts Payable			$115,000
Unearned Revenue			$45,000
Total Current Liabilities				$160,000
Total Liabilities					$ 160,000
Stockholder's Equity
Capital Stock:
Common Stock ($1 par value 10,000 shares issued)			$10,000
Additional Paid in Capital			$50,000
Total Paid in Capital				$ 60,000
Retained Earnings				$ 66,333
Total Stockholder's Equity					$126,333
Total Liabilities and Stockholder's Equity								$286,333

The Following Events Happened in 2015
1. On Jan. 1 XYZ Co. issued1000 shares of 6% $10 par preferred stock for $20,000.
2. XYZ Co. had $150,000 insales ($100,000 cash and $50,000 on account).
3. On Jan. 1 XYZ. paid$20,000 to rent a building for the next 12 months
4. XYZ purchased suppliesfor $10,000 on account
5. XYZ Co. collected $35,000in cash for settlement of outstanding accounts receivable
6. XYZ Co. provided servicesto earn all unearned revenue in 2015.
7. At the end of the yearonly $2000 of supplies remained
8. On 12-31 XYZ Companydeclared and paid preferred dividends
Other Information:
The Building has a useful life of 10 years and a salvage valueof 10,000. The company uses straight linedepreciation.
The Printing Equipment has a useful life of 10 years and asalvage value of 50,000. The company uses straight linedepreciation.
XYZ Co's Income Tax Rate is 30 percent and taxes will not bepaid until 2016.

1:What would XYZ Company report for revenue onthe 2015 Income Statement?

2:What would XYZ Company report for total operatingexpenses on the 2015 Income Statement?

3:What would XYZ Company report for Net Incomeon the 2015 Income Statement?

4: What would XYZ Company report for total currentassets on the 2015 Balance Sheet?

5: What would XYZ Company report for totalliabilities on the 2015 Balance Sheet?

6: What would XYZ Company report for additional paid incapital for preferred stock on the 2015 Balance Sheet?

7: What would XYZ Company report for total stockholders'equity on the 2015 Balance Sheet?

8: After closing entries, howdoes Event #2 affect stockholders' equity?

Event #2: XYZ Co. had $150,000 in sales ($100,000 cash and$50,000 on account).

9: After closing, how does Event #6 affect the BalanceSheet?

Event #6: Blazer Co. provided services to earn allunearned revenue in 2015.

10: After closing entries, how doesEvent #7 affect the Balance Sheet?

Event #7: At the end of the year only $2000 of suppliesremained