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20 11 points ororas Assume that you are the owner/operator of College Park Veterinary Clinic. At the end of the second year of operations
20 11 points ororas Assume that you are the owner/operator of College Park Veterinary Clinic. At the end of the second year of operations (June 30, 2017), the following financial data for the company are available: Cash Accounts Receivable Supplies Property and Equipment Other Assets Accounts Payable Notes Payable $5,500 138,500 30,000 237,400 14,000 79,400 175,000 Other Liabilities 25,400 Sales Revenue 220,000 Operating Expenses 189,200 Selling and Administrative Expenses 45,400 Advertising and Marketing Expenses 21,800 Interest Expense 5,000 Retained Earnings, July 1, 2016 71,000 Contributed Capital Dividends 137,000 21,000 Required: 1. Prepare an income statement for the year ended June 30, 2017. (Negative amounts should be indicated by a minus sign.) COLLEGE PARK VETERINARY CLINIC Income Statement For the Year Ended June 30, 2017 Expenses Advertising and marketing expenses 21,800 Interest expense 5,000 Operating expenses 189,200 Seling and administrative expenses 45,400 Total expenses 261,400
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