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Assume that you are the owner/operator of College Park Veterinary Clinic. At the end of the second year of operations (June 30, 2020), the following
Assume that you are the owner/operator of College Park Veterinary Clinic. At the end of the second year of operations (June 30, 2020), the following financial data for the company are available: Cash Accounts Receivable Supplies Property and Equipment Other Assets Accounts Payable Notes Payable Other Liabilities Sales Revenue Operating Expenses Selling and Administrative Expenses Advertising and Marketing Expenses Interest Expense Retained Earnings, July 1, 2019 Contributed Capital Dividends $6,500 152,200 43,000 234,700 15,300 33,150 185,000 26,700 275,000 198,300 46,700 24,400 6,500 35,000 197,000 24,250 Required: 1. Prepare an income statement for the year ended June 30, 2020. (Negative amounts should be indicated by a minus sign.) COLLEGE PARK VETERINARY CLINIC Income Statement For the Year Ended June 30, 2020 Expenses Total expenses 2. Prepare a statement of retained earnings for the year ended June 30, 2020 (Negative amounts should be indicated by a minus sign.) COLLEGE PARK VETERINARY CLINIC Statement of Retained Earnings For the Year Ended June 30, 2020 Retained earnings, July 1, 2019 Retained earnings, June 30, 2020 3. Prepare a balance sheet at June 30, 2020. COLLEGE PARK VETERINARY CLINIC Balance Sheet At June 30, 2020 Assets es Total assets Liabilities Total liabilities Shareholders' equity Total shareholders' equity Total liabilities and shareholders' equity
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