The adjusted trial balance for Impressions Dance School has been provided for the year ended September 30, 2023. The new bookkeeper alphabetized the accounts.

*The notes payable plus interest are due in 18 months.

Required
Prepare an income statement and a statement of changes in equity for the year ended September 30, 2023, plus a September 30, 2023, classified balance sheet. The owner made no investments during the year.

Analysis Component:
Alisha Bjorn wants to buy a new car for the business. As her bank manager, what do you advise?

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Account Accounts payable Accounts receivable Accumulated depreciation, automobiles Accumulated depreciation, building Alisha Bjorn, capital Alisha Bjorn, withdrawals Automobiles Brand name Building Cash Copyright Dance lesson revenue Depreciation expense, automobiles Depreciation expense, building Gas, oil, and repairs expense Land Land for future expansion Notes payable* Rent revenue Salaries expense Store supplies Unearned revenue Totals Debit Credit $ 22,480 $ 13,300 10,000 70,000 8,600 234,000 11,400 6,700 6,900 28,200 29,400 32,700 48,000 172,000 4,180 39,160 163,000 164,960 153,680 88,000 20,800 23,300 $675,380 $675,380