Question: Please write or type it as neatly as you can. On August 1, 2019, Cross Fitness entered its second year of operations. Cross Fitness provides

 Please write or type it as neatly as you can. On

Please write or type it as neatly as you can.

On August 1, 2019, Cross Fitness entered its second year of operations. Cross Fitness provides high-performance group and personal training courses that have been derived from scientific research and exercises used by professional athletes. On July 31, 2020, Jay Grey, the owner, finalized the company's records, which showed the following items. Accounts payable $ 10,900 Accounts receivable 57,000 Jay Grey, capital, July 31, 2019* 80,800 Jay Grey, withdrawals 53,500 Cash 7,100 Furniture 14,700 Interest expense 3,600 Notes payable 35,000 Workout equipment 20,700 Prepaid rent 5,500 Rent expense 21,500 Personal training revenue 5,500 Group training revenue 153,500 Supplies 3,900 Supplies expense 17,400 Utilities expense 11,300 Wages expense 69,500 *Hint: The ending capital balance for one period is the beginning capital balance for the next period. There were no owner investments during the year ended July 31, 2020. Required: a. Prepare an income statement for the year ended July 31, 2020. b. Prepare statement of changes in equity for the year ended July 31, 2020. c. Prepare balance sheet at July 31, 2020

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!