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E3-12 Flynn Design Agency was founded by Kevin Flynn in January 2006. Presented below is...

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Accounting

E3-12 Flynn Design Agency was founded by Kevin Flynn in January 2006. Presented below is the adjusted trial balance as of Desember 31,2012 Dr. Cr. Cash $10,000 accounts Receivable $21,500 Art Supplies $5,000 Prepaid Insurance $2,500 Printing Equipment $60,000 Accumulated Depreciation $35,000 Accounts Payable $8,000 Interest Payable $150 Notes Payable $5,000 Unearned Advertising Revenue $5,600 Salaries Payable $1,300 Common stock $10,000 Retained Earnings $3,500 Advertising Revenue $58,500 Salaries Expense $12,300 Insurance Expense $850 Interest Expense $500 Depreciation Expense $7,000 Art Supplies Expense $3,400 Rent Expense $4,000 Total $127,050 $127,050 A) Prepare an income statement and a statement of retained earnings for the year ending December 31, 2012 and an unclassified balance sheet at December 31. B) Answer the following questions. 1) If the note has been outstanding 6 months, what is the annual interest rate on that notes? 2) If the company paid $17,500 in salaries in 2012 what was the balance in Salaries Payable on December 31, 2011

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