Ike's Dog Kennel provides day and overnight care for all pets. The following account balances relate...

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Ike's Dog Kennel provides day and overnight care for all pets. The following account balances relate to the Company's October 31, 2021 financial statements: Maintenance expense Equipment $6,000 Accounts payable 37,000 Bank loan payable $2,800 24,000 CA Cash 18,000 Insurance expense 4,000 EXP Supplies expense 10,000 Vehicles 43,000 SE Retained earnings (Nov 1/20) 50,500 Allowance for doubtful accounts 400 As Supplies 3,000 Prepaid insurance. 5,700 Wages expense 32,000 Utilities expense 2,500 Accumulated depreciation vehicle. 12,000 Unearned kennel revenue 1,600 RC Kennel revenue SE Common shares (Nov 1/20) 6x4 Interest expense Accumulated depreciation equipment 74,000 Income tax expense 100 Wages payable 1,800 Accounts receivable 11,000 Dividends There were no common shares issues or repurchased during the year. The current portion of the bank loan payable is $2,000. Required: 1) Prepare an income statement for the year ended October 31, 2021 2) Prepare a statement of changes in equity for the year ended October 31, 2021 3) Prepare a balance sheet as at October 31, 2021 2,700 3,000 8,700 5,000 Note Receivable On August 1, 2021 Appaloosa Inc. loaned $5,000 to one their employees, C. Walker, who signed a 9- month 8% note. Appaloosa Inc. has a year end of January 31, 2022. Required: If the note is paid in full on April 30, 2022, record all journal entries and adjustments relevant to the note for Appaloosa Inc. Ike's Dog Kennel provides day and overnight care for all pets. The following account balances relate to the Company's October 31, 2021 financial statements: Maintenance expense Equipment $6,000 Accounts payable 37,000 Bank loan payable $2,800 24,000 CA Cash 18,000 Insurance expense 4,000 EXP Supplies expense 10,000 Vehicles 43,000 SE Retained earnings (Nov 1/20) 50,500 Allowance for doubtful accounts 400 As Supplies 3,000 Prepaid insurance. 5,700 Wages expense 32,000 Utilities expense 2,500 Accumulated depreciation vehicle. 12,000 Unearned kennel revenue 1,600 RC Kennel revenue SE Common shares (Nov 1/20) 6x4 Interest expense Accumulated depreciation equipment 74,000 Income tax expense 100 Wages payable 1,800 Accounts receivable 11,000 Dividends There were no common shares issues or repurchased during the year. The current portion of the bank loan payable is $2,000. Required: 1) Prepare an income statement for the year ended October 31, 2021 2) Prepare a statement of changes in equity for the year ended October 31, 2021 3) Prepare a balance sheet as at October 31, 2021 2,700 3,000 8,700 5,000 Note Receivable On August 1, 2021 Appaloosa Inc. loaned $5,000 to one their employees, C. Walker, who signed a 9- month 8% note. Appaloosa Inc. has a year end of January 31, 2022. Required: If the note is paid in full on April 30, 2022, record all journal entries and adjustments relevant to the note for Appaloosa Inc.

Answer rating: 100% (QA)

1 Ikes Dog Kennel Income Statement for the Year Ended October 31 2021 Kennel Revenue 74000 Expenses ... View the full answer