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On June 1, 2021, Carrie Ford organized a new company called Second Time Around Clothing. On the last day of that month, the company's
On June 1, 2021, Carrie Ford organized a new company called Second Time Around Clothing. On the last day of that month, the company's records showed the items listed below. Use the information to prepare the June Income Statement, Statement of Owner's Equity and Balance Sheet at June 30 for Second Time Around Clothing. Ensure you use proper formatting and dating on all financial statements Account Accumulated Depreciation-Vehicles Balance 80,000 Commission revenue earned 57,000 Consulting revenue 61,000 Current amount of Mortgage payable 5,000 Interest earned 33,500 Interest expense 14,000 Interest payable 17,500 Investment by Owner 95,500 Mortgage payable (due in 10 years) 65,000 Notes receivable (due in 120 days) 149,500 Office supplies expense 53,000 Short-term notes payable Vehicles Prepaid Insurance Prepaid rent Store supplies expense Withdrawals Complete an Income Statement for the month ended June 30, 2021. (4 marks) 17,000 15,000 88,500 76,500 150,000 28,000 b. Complete a Statement of Owner's Equity for the month ended June 30, 2021. (2 marks) em Colle c. Complete a Classified Balance Sheet for the period ended June 30, 2021. (9 marks)
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