Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Debbie's Dog Walking offers dog walking services for busy individuals. The following account balancesRepair expenseCashAccounts payable$ 6 0 0 Supplies expense 1 5 , 9

Debbie's Dog Walking offers dog walking services for busy individuals. The following account balancesRepair expenseCashAccounts payable$600Supplies expense15,900Car loan payable3,400Accumulated depreciation - vehicles1,40028,000Salaries expense12,000Note payable (due Sept. 1/24)74,000Dog walking revenue800Common shares (Jul.1/23)92,000Interest expense5001,000Advertising expenseRetained earnings (Jul.1/23)Insurance expenseVehiclesAccounts receivablePrepaid insuranceDividendsUnearned dog walking revenueIncome tax expenseSuppliesTelephone expense80018,0004,00045,0002,2004,5004,0001,3009004001,300There were no common shares issued or repurchased during the year. The current portion of the car loan payable is $3,000.Required:1) Prepare an income statement for the year ended June 30,2024.2) Prepare a statement of changes in equity for the year ended June 30,2024.3) Prepare a balance sheet as at June 30,2024.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Volume 1

Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel

8th Edition

1260881237, 9781260881233

More Books

Students also viewed these Accounting questions

Question

b. Did you suppress any of your anger? Explain.

Answered: 1 week ago