Answered step by step
Verified Expert Solution
Question
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
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started