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Oppong Corporation began operations on February 1, 2013. Its adjusted account balances at January 31, 2014 are shown below. Use this information to prepare the
Oppong Corporation began operations on February 1, 2013. Its adjusted account balances at January 31, 2014 are shown below. Use this information to prepare the following: a. Income statement for the year ended January 31. b. Statement of changes in equity for the year ended January 31. c. Classified balance sheet at January 31. Account Balance (select one) Accounts payable 6,870 Accounts receivable 5,960 Income Statement (select one) Accumulated depreciation, machinery 1,220 Accumulated depreciation, trucks 1,050 Cash 5,370 Commissions earned 4,230 Consulting revenue earned 5,000 Copyright 5,120 Depreciation expense, machinery 1,220 Depreciation expense, trucks 1,050 Dividends 2,510 Interest earned 2,960 Interest expense Interest payable Land 1,010 1,000 14,920 Long-term notes payable 14,630 Long-term investment in shares 11,240 Machinery 13,180 Mortgage Payable (due August, 2017) 13,820 Patents 3,100 Property taxes expense (select one) Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity 6,110 Property taxes payable 4,590 Rent earned 3,830 Share capital 19,390 Trucks 11,360 Unearned consulting revenue 3,560
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