Tidy Car, Inc., provides mobile detailing to its customers. The Income Statement for the month ended January 31, 2016, the Balance Sheet for December 31, 2015, and details of postings to the Cash account in the general ledger for the month of January 2016 follow:

The following additional information is also available:
1. $1,100 of the cash collected from customers in January 2016 was for gift certificates for detailing services to be performed in the future. As of January 31, 2016, $1,600 of gift certificates were still outstanding.
2. $3,300 of supplies were purchased on account.
3. Employees are paid monthly during the first week after the end of the pay period.
Requirement
Based on these statements, prepare the Balance Sheet for January 31, 2016.

Transcribed Image Text:

Tidy Car, Inc. ncome Statement Month ended January 31, 2016 Revenue: 36,500 Detailing revenue Gift certificates redeemed Expenses Salary expense Depreciation expense-equipment 6,800 3,100 ,000 22.900 6,800 s expense Advertising expense Net income Tidy Car, Inc. Balance Sheet December 31, 2015 Assets Liabilities $1,900 Accounts payable $3,500 700 2,600 Salary payable Total liabilities 27,200 Common stock Accounts receivable Supplies 1200 6,400 1800 Unearned service revenue $34,000 Less: Accumulated depreciation 6,800 10,000 Retained earnings 17100 Total stockholders'equity 27.100 Totalliabilities and- Total assets $33,500 stockholders' equity$33500 Cash Bal 12/31/2015 Cash collections from customers Issuance of common stock 1,900 38,700 Salaries paid 12,000 Dividends paid Purchase of equipment Payments of accounts payable Advertising paid 11,400 1,300 6,000 1,800 2,800 Bal 1/31/2016