Question: On February 1 2010 Breeder s Choice Pet Trainers Inc was
On February 1, 2010, Breeder’s Choice Pet Trainers, Inc., was formed when the owners invested $25,626 cash in the business in exchange for common stock. On March 1, 2010, the company paid $22,212 cash to rent office space for the next 18 months and paid $3,414 cash for six months of prepaid insurance. The training services generated $115,725 of cash revenue during the remainder of the fiscal year. The company has chosen June 30 as the end of its fiscal year. Prepare an income statement, statement of changes in shareholders’ equity, and statement of cash flows for the five months ended June 30, 2010, and a balance sheet at June 30, 2010.
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