Question
Create a MS Word document or a Google Doc for the financial statements. If you prefer to use MS Excel or Google Sheets, that is
Create a MS Word document or a Google Doc for the financial statements. If you prefer to use MS Excel or Google Sheets, that is fine too. If you are not comfortable with these programs, you may use lined paper and take pictures of each of your financial statements to upload to Blackboard. Based on the information provided, prepare the Income Statement, Statement of Stockholders' Equity and Balance Sheet for Osaka Tennis Academy, Inc. for the year ending December, 31, 2021. Income Statement: List each expense separately and then total them. Beginning Common stock was $25,000. During the year, Osaka Tennis Academy, Inc. issued $15,000 of common stock. Dividends paid were $35,000 Building 240,000 Retained Earnings, Beg 125,000 Tennis Lesson Revenue 675,000 Insurance Expense 4,000 Salaries Payable 3,150 Advertising Expense 1,500 Common Stock 40,000 Accounts Receivable 22,500 Dividends 35,000 Interest Expense 800 Cash 325,000 Accounts Payable 68,850 Maintenance Expense 1,000 Supplies 2,400 Unearned Revenue 13,000 Rent Expense 62,000 Tennis Equipment 49,000 Salaries Expense 180,000 Prepaid Insurance 1,800 Hint: Net income is $425,700. Total Assets = 640,700.
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