$ 375 970 Problem 6: Points 20 Hobby Company, a ski tuning and repair shop, opened in November 2013. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2014. Cash Receipts Cash Payments Issue of Common Stoc $ 20,000 Payment for repair equipment 9,200.00 Rent payments 1.225 Newspaper advertising payments Utility bills payments Part-time helper's wages payments 2,600 Income tax payment 12,000 Cash receipts from ski and snowboard repair services 32,150 Subtotal 52,150.00 26,370.00 Cash balance 25,780 Totals 52,150.00 52,150.00 You learn that the repair equipment has an estimated useful life of 4 years. The company rents space at a cost of $175 per month on a one-year lease. The lease contract requires payment of the first and last months' rent in advance, which was done. The part- time helper is owed $420 at April 30, 2014, for unpaid wages. At April 30, 2014, customers owe Hobby Company $420 for services they have received but have not yet paid for. Instructions (a) Prepare an accrual-basis income statement for the 6 months ended April 30, 2014. (b) Prepare the April 30, 2014, classified balance sheet