Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help with doing this question please, I feel like I have made a mistake somewhere along the way so my assets are not matching

image text in transcribed

Need help with doing this question please, I feel like I have made a mistake somewhere along the way so my assets are not matching my liabilities and equity

image text in transcribed
Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a unique experience for team building activities, camps for youth, and anyone seeking outdoor adventure. The following is trial balance for the year ended March 31, 2020. No. Account Debit Credit 201 Accounts payable and accrued liabilities $ 2, 300 103 $ 5,100 168 Accounts receivable Accumulated depreciation, equipment 5, 900 300 Becky Brenner, capital 34, 700 301 Becky Brenner, withdrawals 31, 200 101 Cash 9, 680 194 Copyright 6, 500 167 Equipment 22, 080 633 Insurance expense 1, 875 623 Interest expense 120 141 Notes receivable, due January 1, 2023 10, 000 233 Long-term notes payable 19,000 610 Rent expense 7, 500 402 Revenues 61, 015 126 Supplies 270 637 Supplies expense 1, 800 652 203 Telephone expense 2,000 10, 600 688 Unearned revenues Utilities expense 2, 150 612 Wages expense 33, 400 Totals $133, 515 $133,515 The following is additional information that has not been included in the trial balance a. On April 2, you received the telephone bill for the month of March for $300. b. On March 31, Adventure Element took a university student club zip-lining, An invoice had been sent to the student club for $2,000 due April 30. c. On March 31, the company held a teen's camp for $1,500. All tickets had been prepaid two weeks in advance. d. The equipment has an estimated useful life of 20 years with no residual value at the end of its useful life. If you need to create a new account, use account number 606. Use straight line method for depreciating Equipment The owner made an additional investment during the year of $15,000 A $6,500 payment on the long-term notes payable will be made during the year ended March 31, 2021 Prepare an income statement for the year ended March 31, 2020 ADVENTURE ELEMENTS Income Statement For Year Ended March 31, 2020

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

Fundamentals of Financial Accounting

Authors: Fred Phillips, Robert Libby, Patricia Libby

6th edition

1259864235, 1259864230, 1260159547, 126015954X, 978-1259864230

More Books

Students also viewed these Accounting questions

Question

Values: What is important to me?

Answered: 1 week ago

Question

Purpose: What do we seek to achieve with our behaviour?

Answered: 1 week ago