Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

On August 31, the balance sheet of Swifty Veterinary Clinic showed Cash $10,440, Accounts Receivable $1,972, Supplies $696, Equipment $6,960, Accounts Payable $4,176, Common Stock

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

On August 31, the balance sheet of Swifty Veterinary Clinic showed Cash $10,440, Accounts Receivable $1,972, Supplies $696, Equipment $6,960, Accounts Payable $4,176, Common Stock $15,080, and Retained Earnings $812. During September, the following transactions occurred. 1. Paid $3,364 cash for accounts payable due. 2. Collected $1,508 of accounts receivable. 3. Purchased additional equipment for $2,436, paying $928 in cash and the balance on account. 4. Performed services worth $8,468, of which $2,900 is collected in cash and the balance is due in October. 5. Paid a $464 cash dividend. 6. Paid salaries $1,972, rent for September $1,044, and advertising expense $232. 7. Incurred utilities expense for month on account $190. 8. Received $11,600 from Capital Bank on a 6-month note payable. Prepare an income statement for September. SWIFIY VEIERINARY CLINIC Income Statement $ $ $ Prepare a retained earnings statement for the year ended December 31,2022 . (List items that increase retained earnings first.) Assets 1. 3364 \begin{tabular}{|c|c|} \hline i \\ \hline & 1508 \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline & i \\ \hline \end{tabular} \begin{tabular}{ll} 2. & 1508 \\ 3. & 928 \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline & i \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline & i \\ \hline & 5568 \\ \hline & i \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline & i \\ \hline \end{tabular} 7. 8. \begin{tabular}{|} \hline1044 \\ \hline232 \\ \hline \end{tabular} SWIFTY VEIERINARY CLINIC +$6960Equipment \begin{tabular}{l|l|} Notes Payable \\ \hline i \end{tabular} +$4AccountsPayable +$C0 \begin{tabular}{|l|} \hline 3364 \\ \hline \hline \end{tabular} \begin{tabular}{|l|l|} \hline & z \\ \hline \end{tabular} 1508 Stockholders' Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions

Question

Which are non projected Teaching aids in advance learning system?

Answered: 1 week ago