Fuel Designs’ financial accounts follow. The company has just completed its tenth year of operations 1 answer below »

Fuel Designs’ financial accounts follow. The company has just completed its tenth year of operations ended December 31, 2014. Accounts Payable………… $ 3,600 Accounts Receivable………… 4,500 Cash……………… 71,700 Commission Sales Revenue…….. 400,000 Commissions Expense………… 225,000 Commissions Payable………… 22,700 Equipment…………. 59,900 Marketing Expense………… 20,100 Office Rent Expense………… 36,000 Owner’s Capital, December 31, 2013…. 64,300 Supplies……………. 700 Supplies Expense………… 2,600 Telephone and Computer Expenses…… 5,100 Wages Expense………… 32,000 Withdrawals…………. 33,000 Required 1. Prepare Fuel Designs’ income statement, statement of owner’s equity, and balance sheet. There were no investments by the owner during the year. 2. The owner is considering expansion. What other financial statement would be useful to the owner in assessing whether the company’s operations are generating sufficient funds to support the expenses? Why would it be useful?

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