Refer to the data in Exercise 3-15. Prepare Nature Valley Cleaners' income statement and statement of owner's

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. 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

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...