Problem 4-11A Preparing financial statements LO6 The adjusted trial balance for Impressions Dance School has been...
Problem 4-11A Preparing financial statements LO6
The adjusted trial balance for Impressions Dance School has been
provided for the year ended September 30, 2020. The new bookkeeper
alphabetized the accounts.
| Account | Debit | Credit | |||||
| Accounts payable | $ | 22,380 | |||||
| Accounts receivable | $ | 13,200 | |||||
| Accumulated depreciation, automobiles | 39,060 | ||||||
| Accumulated depreciation, building | 162,500 | ||||||
| Alisha Bjorn, capital | 163,960 | ||||||
| Alisha Bjorn, withdrawals | 11,000 | ||||||
| Automobiles | 69,500 | ||||||
| Building | 233,000 | ||||||
| Cash | 11,300 | ||||||
| Copyright | 6,600 | ||||||
| Depreciation expense, automobiles | 6,800 | ||||||
| Depreciation expense, building | 28,100 | ||||||
| Dance lesson revenue | 153,180 | ||||||
| Gas, oil, and repairs expense | 29,300 | ||||||
| Land | 32,600 | ||||||
| Land for future expansion | 47,000 | ||||||
| Notes payable* | 87,000 | ||||||
| Brand name | 8,500 | ||||||
| Rent revenue | 8,500 | ||||||
| Salaries expense | 171,000 | ||||||
| Store supplies | 4,080 | ||||||
| Unearned revenue | 23,200 | ||||||
| Totals | $ | 671,980 | $ | 671,980 | |||
*The notes payable plus interest are due in 18 months.
The owner made no investments during the year.
Prepare an income statement for the year ended September 30,
2020.
Prepare a statement of changes in equity for the year ended
September 30, 2020.
Prepare a classified balance sheet at September 30,
2020.
Homework Answers
Answer-
| IMPRESSIONS DANCE SCHOOLS | ||
| INCOME STATEMENT | ||
| FOR THE YEAR ENDED SEPTEMBER 30,2020 | ||
| PARTICULARS | AMOUNT | |
| $ | ||
| Revenues | 161680 | |
| Dance lesson revenue | 153180 | |
| Rent revenue | 8500 | |
| Less-Expenses | ||
| Gas,oil and repairs expense | 29300 | |
| Salaries expense | 171000 | |
| Depreciation expense,automobiles | 6800 | |
| Depreciation expense,building | 28100 | |
| Total expenses | 235200 | |
| Net profit/(loss) | -73520 | |
| IMPRESSIONS DANCE SCHOOLS | ||
| STATEMENT OF OWNER'S EQUITY | ||
| FOR THE YEAR ENDED SEPTEMBER 30,2020 | Amount | |
| $ | ||
| Alisha Bjorn, September 30 prior year end | 163960 | |
| Add- Net income | -73520 | |
| Less- Drawings | 11000 | |
| Alisha Bjorn, September 31 Current year end | 79440 |
| IMPRESSIONS DANCE SCHOOLS | ||
| BALANCE SHEET | ||
| SEPTEMBER 30,2020 | ||
| Assets | Amount | |
| Current Assets | 28580 | |
| Cash | 11300 | |
| Accounts receivable | 13200 | |
| Store supplies | 4080 | |
| Non Current Assets | ||
| Building | 233000 | |
| Less- Accumulated depreciation | 162500 | 70500 |
| Automobiles | 69500 | |
| Less- Accumulated depreciation | 39060 | 30440 |
| Copyright | 6600 | |
| Land | 32600 | |
| Land for future expansion | 47000 | |
| Brand name | 8500 | |
| Total Assets | 224220 | |
| Liabilities | ||
| Current liabilities | 45580 | |
| Accounts payable | 22380 | |
| Unearned revenue | 23200 | |
| Long-term liabilities | ||
| Notes payable | 99200 | |
| Owner's capital | ||
| Alisha Bjorn capital | 79440 | |
| Total liabilties and owner's capital | 224220 |
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