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Jon Mans decided to start his own small tour business, called Cascade Tours. He had the following ending balances after the first month of operations
Jon Mans decided to start his own small tour business, called Cascade Tours. He had the following ending balances after the first month of operations (April 2021).
Ending Balances - April 30, 2021 | |
Accounts Payable | $ 500 |
Accounts Receivable | $ 1,200 |
Bank Loan | $ 10,200 |
Capital Invested in April | $ 8,600 |
Cash | $ 25,600 |
Insurance Expense | $ 800 |
Interest Expense | $ 300 |
Mans, Capital, April 1, 2021 | $ 0 |
Mans, Withdrawals | $ 1,100 |
Prepaid Rent | $ 2,400 |
Rent Expense | $ 800 |
Service Revenue | $ 12,600 |
Telephone Expense | $ 500 |
Unearned Revenue | $ 800 |
Required
Prepare the income statement, statement of owner's equity, and balance sheet.
Do not enter dollar signs or commas in the input boxes.
Do not use negative signs.
Enter the expenses in alphabetical order on the income statement.
Select the proper order for the headings of the financial statements.
AnswerAs at April 30, 2021For the Month Ended April 30, 2021Cascade Tours | ||
Income Statement | ||
AnswerAs at April 30, 2021For the Month Ended April 30, 2021Cascade Tours | ||
Revenue | ||
AnswerInsurance ExpenseInterest ExpenseRent ExpenseTelephone ExpenseService RevenueUtilities Expense | Answer | |
Expenses | ||
AnswerInsurance ExpenseInterest ExpenseRent ExpenseTelephone ExpenseService RevenueUtilities Expense | Answer | |
AnswerInsurance ExpenseInterest ExpenseRent ExpenseTelephone ExpenseService RevenueUtilities Expense | Answer | |
AnswerInsurance ExpenseInterest ExpenseRent ExpenseTelephone ExpenseService RevenueUtilities Expense | Answer | |
AnswerInsurance ExpenseInterest ExpenseRent ExpenseTelephone ExpenseService RevenueUtilities Expense | Answer | |
AnswerInsurance ExpenseInterest ExpenseRent ExpenseTelephone ExpenseService RevenueUtilities Expense | Answer | |
Total Expenses | Answer | |
Net Income (Loss) | Answer |
AnswerAs at April 30, 2021For the Month Ended April 30, 2021Cascade Tours | ||
Statement of Owner's Equity | ||
AnswerAs at April 30, 2021For the Month Ended April 30, 2021Cascade Tours | ||
Mans, Capital, April 1, 2021 | Answer | |
Add Capital Invested in April | Answer | |
Net Income (Loss) | Answer | |
Less Mans, Withdrawals | Answer | |
Mans, Capital, April 30, 2021 | Answer |
AnswerAs at April 30, 2021For the Month Ended April 30, 2021Cascade Tours | |||
Balance Sheet | |||
AnswerAs at April 30, 2021For the Month Ended April 30, 2021Cascade Tours | |||
Assets | Liabilities | ||
Cash | Answer | Accounts Payable | Answer |
Accounts Receivable | Answer | Unearned Revenue | Answer |
Prepaid Rent | Answer | Bank Loan | Answer |
Total Liabilities | Answer | ||
Owner's Equity | |||
Mans, Capital, April 30, 2021 | Answer | ||
Total Assets | Answer | Total Liabilities and Owner's Equity | Answer |
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