Guy McKinley started the McKinley Charter Service at the beginning of August $20$X$1.$ On August $31,20$X$1,$ the accounting records of the business showed the following information.

Equipment $ $23,500$ Rent Expense $ $6,000$

Accounts Receivable $2,500$ Cash $7,100$

Fees Income $32,750$ Salaries Expense $11,900$

Boats $102,500$ Utilities Expense $2,500$

Gasoline Expense $8,700$ Supplies $4,700$

Loans Payable $81,000$ Initial Investment $50,500$

Owners$$ Withdrawal $3,150$ Accounts Payable $8,300$

Prepare an income statement and a statement of owner's equity for the month and a balance sheet as of August $31,20$X$1.$

Answer rating: 100% (QA)

To prepare the required financial statements for McKinley Charter Service as of August 31 20X1 we fi... View the full answer