Problem 4-11A Preparing financial statements LO6 The adjusted trial balance for Impressions Dance School has been...
Problem 4-11A Preparing financial statements LO6
The adjusted trial balance for Impressions Dance School has been
provided for the year ended September 30, 2020. The new bookkeeper
alphabetized the accounts.
| Account | Debit | Credit | |||||
| Accounts payable | $ | 22,380 | |||||
| Accounts receivable | $ | 13,200 | |||||
| Accumulated depreciation, automobiles | 39,060 | ||||||
| Accumulated depreciation, building | 162,500 | ||||||
| Alisha Bjorn, capital | 163,960 | ||||||
| Alisha Bjorn, withdrawals | 11,000 | ||||||
| Automobiles | 69,500 | ||||||
| Building | 233,000 | ||||||
| Cash | 11,300 | ||||||
| Copyright | 6,600 | ||||||
| Depreciation expense, automobiles | 6,800 | ||||||
| Depreciation expense, building | 28,100 | ||||||
| Dance lesson revenue | 153,180 | ||||||
| Gas, oil, and repairs expense | 29,300 | ||||||
| Land | 32,600 | ||||||
| Land for future expansion | 47,000 | ||||||
| Notes payable* | 87,000 | ||||||
| Brand name | 8,500 | ||||||
| Rent revenue | 8,500 | ||||||
| Salaries expense | 171,000 | ||||||
| Store supplies | 4,080 | ||||||
| Unearned revenue | 23,200 | ||||||
| Totals | $ | 671,980 | $ | 671,980 | |||
*The notes payable plus interest are due in 18 months.
The owner made no investments during the year.
Prepare an income statement for the year ended September 30,
2020.
Prepare a statement of changes in equity for the year ended
September 30, 2020.
Prepare a classified balance sheet at September 30,
2020.
Homework Answers
Answer-
| IMPRESSIONS DANCE SCHOOLS | ||
| INCOME STATEMENT | ||
| FOR THE YEAR ENDED SEPTEMBER 30,2020 | ||
| PARTICULARS | AMOUNT | |
| $ | ||
| Revenues | 161680 | |
| Dance lesson revenue | 153180 | |
| Rent revenue | 8500 | |
| Less-Expenses | ||
| Gas,oil and repairs expense | 29300 | |
| Salaries expense | 171000 | |
| Depreciation expense,automobiles | 6800 | |
| Depreciation expense,building | 28100 | |
| Total expenses | 235200 | |
| Net profit/(loss) | -73520 | |
| IMPRESSIONS DANCE SCHOOLS | ||
| STATEMENT OF OWNER'S EQUITY | ||
| FOR THE YEAR ENDED SEPTEMBER 30,2020 | Amount | |
| $ | ||
| Alisha Bjorn, September 30 prior year end | 163960 | |
| Add- Net income | -73520 | |
| Less- Drawings | 11000 | |
| Alisha Bjorn, September 31 Current year end | 79440 |
| IMPRESSIONS DANCE SCHOOLS | ||
| BALANCE SHEET | ||
| SEPTEMBER 30,2020 | ||
| Assets | Amount | |
| Current Assets | 28580 | |
| Cash | 11300 | |
| Accounts receivable | 13200 | |
| Store supplies | 4080 | |
| Non Current Assets | ||
| Building | 233000 | |
| Less- Accumulated depreciation | 162500 | 70500 |
| Automobiles | 69500 | |
| Less- Accumulated depreciation | 39060 | 30440 |
| Copyright | 6600 | |
| Land | 32600 | |
| Land for future expansion | 47000 | |
| Brand name | 8500 | |
| Total Assets | 224220 | |
| Liabilities | ||
| Current liabilities | 45580 | |
| Accounts payable | 22380 | |
| Unearned revenue | 23200 | |
| Long-term liabilities | ||
| Notes payable | 99200 | |
| Owner's capital | ||
| Alisha Bjorn capital | 79440 | |
| Total liabilties and owner's capital | 224220 |
Add Answer to:
Problem 4-11A Preparing financial statements LO6
The adjusted trial balance for Impressions Dance School has been...
Problem 4-11A Preparing financial statements LO6 The adjusted trial balance for Impressions Dance School has been...
Problem 4-11A Preparing financial statements LO6 The adjusted trial balance for Impressions Dance School has been provided for the year ended September 30, 2020. The new bookkeeper alphabetized the accounts. Account Debit Credit Accounts payable $ 22,380 Accounts receivable $ 13,200 Accumulated depreciation, automobiles 39,060 Accumulated depreciation, building 162,500 Alisha Bjorn, capital 163,960 Alisha Bjorn, withdrawals 11,000 Automobiles 69,500 Building 233,000 Cash 11,300 Copyright 6,600 Depreciation expense, automobiles 6,800 Depreciation expense, building 28,100 Dance lesson revenue 153,180 Gas, oil, and...
Problem 4-11A Preparing financial statements LO6 The adjusted trial balance for Impressions Dance School has been...
Problem 4-11A Preparing financial statements LO6 The adjusted trial balance for Impressions Dance School has been provided for the year ended September 30, 2020. The new bookkeeper alphabetized the accounts. Account Debit Credit Accounts payable $ 22,680 Accounts receivable $ 13,500 Accumulated depreciation, automobiles 39,360 Accumulated depreciation, building 164,000 Alisha Bjorn, capital 168,960 Alisha Bjorn, withdrawals 10,000 Automobiles 71,000 Building 236,000 Cash 11,600 Copyright 6,900 Depreciation expense, automobiles 7,100 Depreciation expense, building 28,400 Dance lesson revenue 154,680 Gas, oil, and...
his alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2020, year-end:...
his alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2020, year-end: Debit Credit Accounts payable $ 43,800 Accounts receivable $ 18,500 Accumulated depreciation, automobiles 68,800 Accumulated depreciation, equipment 20,300 Advertising expense 8,800 Automobiles 138,000 Cash 10,800 Depreciation expense, automobiles 13,000 Depreciation expense, equipment 3,900 Equipment 64,000 Revenue 235,800 Interest income 150 Interest expense 3,300 Interest payable 75 Interest receivable 300 John Conroe, capital 22,800 John Conroe, withdrawals 18,800 Land 34,000 Long-term notes payable 113,000 Notes...
Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin LO P3,...
Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin LO P3, A1, A2 [The following information applies to the questions displayed below.] The adjusted trial balance for Chiara Company as of December 31, 2017, follows. Debit Credit Cash $ 30,000 Accounts receivable 52,000 Interest receivable 18,000 Notes receivable (due in 90 days) 168,000 Office supplies 16,000 Automobiles 168,000 Accumulated depreciation—Automobiles $ 50,000 Equipment 138,000 Accumulated depreciation—Equipment 18,000 Land 78,000 Accounts payable 96,000 Interest payable...
Required information Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin...
Required information Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin LO P3, A1, A2 [The following information applies to the questions displayed below.] The adjusted trial balance for Chiara Company as of December 31, 2017, follows. Debit Credit Cash $ 180,100 Accounts receivable 50,500 Interest receivable 21,600 Notes receivable (due in 90 days) 170,500 Office supplies 15,500 Automobiles 168,000 Accumulated depreciation—Automobiles $ 50,000 Equipment 136,000 Accumulated depreciation—Equipment 18,000 Land 87,000 Accounts payable 102,000...
Required information Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin...
Required information Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin LO P3, A1, A2 [The following information applies to the questions displayed below.] The adjusted trial balance for Chiara Company as of December 31, 2017, follows. Debit Credit Cash $ 180,100 Accounts receivable 50,500 Interest receivable 21,600 Notes receivable (due in 90 days) 170,500 Office supplies 15,500 Automobiles 168,000 Accumulated depreciation—Automobiles $ 50,000 Equipment 136,000 Accumulated depreciation—Equipment 18,000 Land 87,000 Accounts payable 102,000...
This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2020, year-end:...
This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2020, year-end: Debit $ Credit 43,300 $ 18,000 68,300 19,800 8,300 133,000 10,300 12,500 3,400 61,500 225,075 250 2,800 100 Accounts payable Accounts receivable Accumulated depreciation, automobiles Accumulated depreciation, equipment Advertising expense Automobiles Cash Depreciation expense, automobiles Depreciation expense, equipment Equipment Revenue Interest income Interest expense Interest payable Interest receivable John Conroe, capital John Conroe, withdrawals Land Long-term notes payable Notes receivable (due in 90 days)...
Required information Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin...
Required information Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin LO P3, A1, A2 {The following information applies to the questions displayed below.] The adjusted trial balance for Chiara Company as of December 31, 2017, follows. Credit Debit $ 140,800 55,500 18,400 169,000 16,000 174,000 65,000 140,000 26,000 83,000 Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) Office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Salaries...
Test 11 Chapters 1-3 NOT Proctored Problem 3-5A Preparing financial statements from the adjusted trial balance...
Test 11 Chapters 1-3 NOT Proctored Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin LO P3, A1, A2 36 The following information applies to the questions displayed below] The adjusted trial balance for Chiara Company as of December 31, 2017, follows. Credit $ 125,00 Accounts receivable receivable (due in a days) 19.000 170,000 17.00 Accumulated depreciation-utomobiles Equipment Accumulated depreciation Equipment 100.000 Interest payable notes payable 32.00 142.000 25,580 24,00 Depreciation expense-quipment Bagair expense Automobiles...
Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin LO P3,...
Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin LO P3, A1, A2 [The following information applies to the questions displayed below.] The adjusted trial balance for Chiara Company as of December 31, 2017, follows. Debit Credit Cash $ 77,700 Accounts receivable 51,500 Interest receivable 23,000 Notes receivable (due in 90 days) 169,000 Office supplies 16,000 Automobiles 174,000 Accumulated depreciation—Automobiles $ 80,000 Equipment 148,000 Accumulated depreciation—Equipment 22,000 Land 88,000 Accounts payable 105,000 Interest payable...
This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2020, year-end: Debit $ Credit 43,300 $ 18,000 68,300 19,800 8,300 133,000 10,300 12,500 3,400 61,500 225,075 250 2,800 100 Accounts payable Accounts receivable Accumulated depreciation, automobiles Accumulated depreciation, equipment Advertising expense Automobiles Cash Depreciation expense, automobiles Depreciation expense, equipment Equipment Revenue Interest income Interest expense Interest payable Interest receivable John Conroe, capital John Conroe, withdrawals Land Long-term notes payable Notes receivable (due in 90 days)...
Required information Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin LO P3, A1, A2 {The following information applies to the questions displayed below.] The adjusted trial balance for Chiara Company as of December 31, 2017, follows. Credit Debit $ 140,800 55,500 18,400 169,000 16,000 174,000 65,000 140,000 26,000 83,000 Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) Office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Salaries...
Test 11 Chapters 1-3 NOT Proctored Problem 3-5A Preparing financial statements from the adjusted trial balance and computing profit margin LO P3, A1, A2 36 The following information applies to the questions displayed below] The adjusted trial balance for Chiara Company as of December 31, 2017, follows. Credit $ 125,00 Accounts receivable receivable (due in a days) 19.000 170,000 17.00 Accumulated depreciation-utomobiles Equipment Accumulated depreciation Equipment 100.000 Interest payable notes payable 32.00 142.000 25,580 24,00 Depreciation expense-quipment Bagair expense Automobiles...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago