Assume that you are the owner/operator of College Park Veterinary Clinic. At the end of the...
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Assume that you are the owner/operator of College Park Veterinary Clinic. At the end of the second year of operations (June 30, 2020), the following financial data for the company are available: Cash Accounts Receivable Supplies Property and Equipment Other Assets Accounts Payable Notes Payable Other Liabilities Sales Revenue Operating Expenses Selling and Administrative Expenses Advertising and Marketing Expenses Interest Expense Retained Earnings, July 1, 2019. Contributed Capital Dividends Expenses COLLEGE PARK VETERINARY CLINIC Income Statement For the Year Ended June 30, 2020 Required: 1. Prepare an income statement for the year ended June 30, 2020. (Negative amounts should be indicated by a minus sign.) Total expenses $ 5,500 150,400 31,000 236,500 COLLEGE PARK VETERINARY CLINIC Statement of Retained Earnings For the Year Ended June 30, 2020 Retained earnings, July 1, 2019 14,100 82,150 180,000 25,500 225,000 189,900 Retained earnings, June 30, 2020. 45,500 22,000 5,500 72,000 137,000 21,250 2. Prepare a statement of retained earnings for the year ended June 30, 2020. (Negative amounts should be indicated by a minus sign.) 0 3. Prepare a balance sheet at June 30, 2020. Assets Total assets Liabilities COLLEGE PARK VETERINARY CLINIC Balance Sheet At June 30, 2020 Total liabilities Shareholders' equity Total shareholders' equity Total liabilities and shareholders' equity Assume that you are the owner/operator of College Park Veterinary Clinic. At the end of the second year of operations (June 30, 2020), the following financial data for the company are available: Cash Accounts Receivable Supplies Property and Equipment Other Assets Accounts Payable Notes Payable Other Liabilities Sales Revenue Operating Expenses Selling and Administrative Expenses Advertising and Marketing Expenses Interest Expense Retained Earnings, July 1, 2019. Contributed Capital Dividends Expenses COLLEGE PARK VETERINARY CLINIC Income Statement For the Year Ended June 30, 2020 Required: 1. Prepare an income statement for the year ended June 30, 2020. (Negative amounts should be indicated by a minus sign.) Total expenses $ 5,500 150,400 31,000 236,500 COLLEGE PARK VETERINARY CLINIC Statement of Retained Earnings For the Year Ended June 30, 2020 Retained earnings, July 1, 2019 14,100 82,150 180,000 25,500 225,000 189,900 Retained earnings, June 30, 2020. 45,500 22,000 5,500 72,000 137,000 21,250 2. Prepare a statement of retained earnings for the year ended June 30, 2020. (Negative amounts should be indicated by a minus sign.) 0 3. Prepare a balance sheet at June 30, 2020. Assets Total assets Liabilities COLLEGE PARK VETERINARY CLINIC Balance Sheet At June 30, 2020 Total liabilities Shareholders' equity Total shareholders' equity Total liabilities and shareholders' equity
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Related Book For
Principles Of Accounting
ISBN: 9780077300456
1st Edition
Authors: Robert Libby, Patricia Libby, Fred Phillips, Stacey Whitecotton
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