Determine the impact on the statement of financial position accounts if the following information is not used to adjust the accounts of Fortress Company for the month of January, 2014. Round answers to the nearest dollar.
1. The company rents extra office space to B & J, CPAs. B & J pays the $24,000 rent annually on January 1.
2. The company has an outstanding loan to its President in the amount of $120,000. The loan accrues interest at the annual rate of 6%. Principal and interest are due January 1, 2017.
3. The company completed work on a project during January that was not yet billed to the client. The client will be charged $2,500.

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The Answer of Determine the impact on the statement of financial position accounts if the following information is not used to adjust the accounts of Fortress Company for the month of January, 2014. Round answers to the nearest dollar.
1. The company rents extra office space to B & J, CPAs. B & J pays the $24,000 rent annually on January 1.
2. The company has an outstanding loan to its President in the amount of $120,000. The loan accrues interest at the annual rate of 6%. Principal and interest are due January 1, 2017.
3. The company completed work on a project during January that was not yet billed to the client. The client will be charged $2,500.

Determine the Impact on the Statement of Financial Position Accounts