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only balance sheet is left rest is done. The adjusted trial balance for Impressions Dance School has been provided for the year ended September 30,
only balance sheet is left rest is done.
The adjusted trial balance for Impressions Dance School has been provided for the year ended September 30, 2020. The new bookkeeper alphabetized the accounts. Account Accounts payable Accounts receivable Accumulated depreciation, automobiles Accumulated depreciation, building Alisha Bjorn, capital Alisha Bjorn, withdrawals Automobiles Building Cash Copyright Depreciation expense, automobiles Depreciation expense, building Dance lesson revenue Gas, oil, and repairs expense Land Land for future expansion Notes payable" Brand name Rent revenue Salaries expense Store supplies Unearned revenue Totals Debit Credit $ 22,280 $ 13,100 38,960 162,000 162,960 12,000 69,000 232,000 11,200 6,500 6,700 28,000 152,680 29, 200 32,500 46,000 86,000 8,400 20,600 170,000 3,980 23,100 $ 668.580 $668.580 *The notes payable plus interest are due in 18 months. The owner made no investments during the year. Prepare an income statement for the year ended September 30, 2020. IMPRESSIONS DANCE SCHOOL Income Statement For Year Ended September 30, 2020 Revenues: Dance lesson revenue Rent revenue $ 152.680 20,600 173 280 Total revenues Operating expenses Gas, oil, and repairs expense Salaries expense Depreciation expense, automobiles Depreciation expense, building 29.200 170,000 6.700 28.000 Dance lesson revenue Rent revenue $ 152,680 20,600 Total revenues 173,280 Operating expenses: Gas, oil, and repairs expense Salaries expense Depreciation expense, automobiles Depreciation expense, building 29,200 170,000 6,700 28.000 Total operating expenses Loss 233.900 $ (60.620) Prepare a statement of changes in equity for the year ended September 30, 2020. IMPRESSIONS DANCE SCHOOL Statement of Changes in Equity For Year Ended September 30, 2020 Alisha Bjorn, capital, October 1 Add: Loss (60,620) Less: Withdrawals (12,000) Alisha Bjorn, capital, September 30 GA $ 162,960 (72,620) 90,340 $ Prepare a classified balance sheet at September 30, 2020. IMPRESSIONS DANCE SCHOOL Balance Sheet September 30, 2020 Assets Current assets: Total current assets $ 0 Long-term investments: Property, plant and equipment: Building Building Automobiles Total property, plant and equipment Intangible assets 0 0 Total assets $ 0 Liabilities Current liabilities Total current liabilities $ Liabilities Current liabilities: Total current liabilities Long-term liabilities: $ 0 Total liabilities $ 0 Equity Total liabilities and equity $Step by Step Solution
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