Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a unique experience for team building activities, camps for youth and anyone seeking outdoor adventure.

Required 

Prepare an income statement and a statement of changes in equity for the year ended September 30, 2017, plus a September 30, 2017, classified balance sheet. The owner made no investments during the year.
Analysis Component: Alisha wants to buy a new car for the business. As her bank manager, what do you advise?

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Account Debit Credit Accounts payable.. $ 22,680 $ 13,500 Accounts receivable . Accumulated depreciation, automobiles.. 39,360 Accumulated depreciation, building 164,000 168,960 Alisha Bjorn, capital.. Alisha Bjorn, withdrawals.. 10,000 71,000 Automobiles. Building .. 236,000 Cash.. 11,600 Copyright.. 6,900 7,100 Depreciation expense, automobiles. Depreciation expense, building .. 28,400 Dance lesson revenue. 154,680 Gas, oil, and repairs expense . 29,600 32,900 Land. Land for future expansion.. 50,000 Notes payable* . 90,000 Brand name 8,800 Rent revenue. 21,000 Salaries expense 174,000 Store supplies. 4,380 Unearned revenue.. 23,500 $684,180 $684,180 Totals