Question

Home Page Portalx Assignment 1 Chapter 1 > € newconnect.mheducation.com/flow/connecthtml Assignment #1 - Chapter 1 Help Save & Ece Submit Check my work Assume that you are the owner operator of College Park Veterinary Clinic. At the end of the second year of operations une 30, 2017 the following financial data for the company are available: Accounts Receivable 139.700 Other abilities Sales Revenue Selling and Administrative Expenses Advertising and Marketing Expenses Retained tarnings, July 3, 2016 Contributed Capital b ends Required: 1. Prepare an income statement for the year ended June 30, 2017 Negative amounts should be indicated by us on COLLEGE PARK VETERINARY CLINIC Income Statement O Type here to search

Answer 1

College Park Veterinary Clinic Income statement For the year ended June 30, 2017 Revenue Sales Revenue 260000 Expenses Operating Expense Selling and administrative expens Advertising and Marketing Expens Interest Expense 194800 46,200 23,400 6000 270400 Net Income - 10400

College Park Veterinary Clinic Statement of Retained Earnings For the year ended June 30, 2017 Retained Earnings, July 1, 2016 50,000 Add: Net income - 10400 Less: Dividends 23000 Retained Earnings, June 30, 2017 16,600

Balance Sheet At June 30, 2017 Assets Cash Accounts Receivables Supplies Property and Equipment Other Assets 6000 139700 38000 231200 14800 429700 Total Assets Liabilities Accounts Payable Notes Payable Other Liabilities 59900 160000 26200 246100 Total Liabilities Shareholder's Equity Retained Earnings Contributed Capital 16600 167000 Total Shareholder's equity Total Liabilities and Shareholder's Equity 183600 429700

The income statement shows the income for the period ($10,400)

Retained earning for the year ended June 30, 2017-> $16,600

Balance Sheet shows total assets amounting to $429700 & Total Liabilities amounting to $429700