Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On July 31, 2021, the beginning of a new fiscal year, Oriole Repair Services Ltd. reported the following alphabetically ordered list of accounts and
On July 31, 2021, the beginning of a new fiscal year, Oriole Repair Services Ltd. reported the following alphabetically ordered list of accounts and amounts. Accounts payable $2,500 Deferred revenue $1,220 Accounts receivable 3,200 Equipment 11,000 Accumulated depreciation-equipment 2,200 Retained earnings 18,200 Accumulated depreciation-vehicles 5,500 Salaries payable 1,380 Bank loan payable (non-current) 4,100 Supplies 1,000 Cash 7.800 Vehicles 27,500 Common shares 15,400 During August, the following summary transactions were completed: Aug. 1 2 3 6 7 Paid $240 for advertising on Kijiji for the current month. Provided $1,220 of services related to cash received in advance last month for services to be performed this month. Paid August rent, $880. Received $1,100 cash from customers in payment of accounts. Signed a contract with Merrithew's Appliances Ltd. to provide future repair services for its customers as required. Paid $2,980 for salaries due employees, of which $1,600 was for August and $1,380 for July salaries payable. Received $2,700 cash for services performed to date in August. Purchased new equipment for $2,000, which was financed with a bank loan. Paid creditors $2,000 of accounts due. Purchased supplies on account for $900. Paid $3,200 for employees' salaries. 10 13 15 20 22 24 27 29 30 31 Paid income tax of $380. 31 Billed customers $3,710 for services performed. Received $740 from customers for services to be performed in the future. Paid $600 on the bank loan, in addition to interest of $60. Declared and paid $400 of dividends to shareholders. Prepare a statement of financial position for August. (List Current Assets in order of liquidity. List Property Plant and Equipment in order of Equipment and Vehicles) v v ORIOLE REPAIR SERVICES LTD. Statement of Financial Position S Assets Liabilities and Shareholders' 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