Question: Refer to the data in Exercise 3-15. Prepare Nature Valley Cleaners' income statement and statement of owner's equity for the year ended June 30, 2017.
Refer to the data in Exercise 3-15. Prepare Nature Valley Cleaners' income statement and statement of owner's equity for the year ended June 30, 2017. Then prepare the balance sheet on that date.
Accounts payable ............................................................$4,000
Accumulated amortization-equipment ...........................7,000
Amortization expense-equipment ..................................1,000
Cash ................................................................................. 2,400
Equipment ......................................................................40,000
Insurance expense ...............................................................200
Les Valley, capital ..........................................................17,000
Les Valley, withdrawals ...................................................8,000
Prepaid insurance .............................................................1,800
Salaries expense .............................................................16,000
Salaries payable ...............................................................2,000
Service revenue .............................................................44,000
Supplies ...........................................................................4,000
Supplies expense ..............................................................2,000
Unearned service revenue ................................................1,400
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