Franken Company, a ski tuning and repair shop opened on November I, 2016. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30. 2017.

The repair shop equipment was purchased on November 1 and has an estimated useful life of 4 y ears. Lease payments to live landlord are mode at the beginning of each month, the amount of the payments to the landlord shown above includes a one-time security deposit of $ 175. The part-time helper is owed $420 at April 30, 2017, for unpaid wages. At April 30, 2017, customers owe Franken Company $540 for services they have received but have not yet paid for.
Instructions
(a) Prepare an accrual-basis income statement for the 6 months ended April 30, 2017.
(b) Prepare the April 30, 2017 classified balance sheet.

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Cash Cash Receipts Pyents Issuance of common shares Payment to purchase repair shop equipment Payments to landlord Newspaper advertising payment Utility bill payments Part-time helper's wage payments Income tax payment Cash receipts from ski and $20,000 $ 9,200 1,225 375 970 2,600 10,000 snowboard repair services Subtotals Cash balance Totals 32,150 52,150 24,370 27.780 S52,150 52,150