Helen Martin runs an outdoor adventure company called Ivanhoe Ltd. Her busiest months are June through...

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Helen Martin runs an outdoor adventure company called Ivanhoe Ltd. Her busiest months are June through September, although, if the weather holds, she extends her excursions into October and November. For the month of July, she recorded the following items: 1. She paid $49,800 for employee wages and spent $16,600 on advertising. 2. 3. Customers paid her $173,600 for excursions that took place in July (use Service Revenue account) and $20,700 in deposits for trips scheduled in August and September. She used supplies in July that cost $26,000. 4. She spent $1,532 on the utilities for the office and $3,460 on gas and repairs on the vehicles (use Operating Expenses account). (a) Prepare a statement of income to determine how much Ivanhoe Ltd. earned in July. Helen Martin runs an outdoor adventure company called Ivanhoe Ltd. Her busiest months are June through September, although, if the weather holds, she extends her excursions into October and November. For the month of July, she recorded the following items: 1. She paid $49,800 for employee wages and spent $16,600 on advertising. 2. 3. Customers paid her $173,600 for excursions that took place in July (use Service Revenue account) and $20,700 in deposits for trips scheduled in August and September. She used supplies in July that cost $26,000. 4. She spent $1,532 on the utilities for the office and $3,460 on gas and repairs on the vehicles (use Operating Expenses account). (a) Prepare a statement of income to determine how much Ivanhoe Ltd. earned in July.

Answer rating: 100% (QA)

Statement of Income for Ivanhoe Ltd July Revenue Service Revenue Excursions in July 173600 Deposits ... View the full answer