Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

McDonald Marina provides docking and cleaning services for pleasure boats at its marina in Vancouver. The following account balances are available for 2022: Accounts payable

McDonald Marina provides docking and cleaning services for pleasure boats at its marina in Vancouver. The following account balances are available for 2022: Accounts payable $ 26,400 Accounts receivable 268,700 Accumulated depreciation (building) 64,500 Accumulated depreciation (equipment) 950,400 Bonds payable (due 2027) 2,000,000 Building 197,300 Cash 32,840 Common shares (40,000 shares) 610,540 Depreciation expense (building) 21,500 Depreciation expense (equipment) 246,300 Dividends 25,300 Equipment 2,490,000 Income tax expense 21,700 Interest expense 236,000 Interest payable Land 18,000 875,000 Rent expense 14,600 Rent payable 2,400 Retained earnings, 12/31/2021 128,600 Service revenue (cleaning) 472,300 Service revenue (docking) 1,460,000 Supplies 9,800 Supplies expense 89,100 Utilities expense Wages expense Wages payable 239,400 987,200 21,600 Required: Prepare a single-step statement of earnings for McDonald Marina for the year ended December 31, 2022. McDonald Marina Statement of Earnings For the Year Ended December 31, 2022 Revenues: Total service revenues Expenses: Total expenses Net income Prepare a statement of retained earnings for McDonald Marina for the year ended December 31, 2022. McDonald Marina Statement of Retained Earnings For the Year Ended December 31, 2022 Prepare a classified statement of financial position for McDonald Marina for the year ended December 31, 2022. McDonald Marina Statement of Financial Position December 31, 2022 Assets Current assets: Total current assets Property, plant, and equipment: QQ Total property, plant, and equipment Total assets Liabilities Current Liabilities Total current liabilities Long-term liabilities: Total liabilities Shareholders' equity: Shareholders' Equity. Total shareholders' equity Total liabilities and shareholders' equity

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_2

Step: 3

blur-text-image_3

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

More Books

Students also viewed these Accounting questions