Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

S. Lyon, a speech therapist, opened a clinic in the name of Lyon Clinic. Her accountant prepared the following alphabetic list of accounts and balances

image text in transcribedimage text in transcribedimage text in transcribed

S. Lyon, a speech therapist, opened a clinic in the name of Lyon Clinic. Her accountant prepared the following alphabetic list of accounts and balances as of June 30, 20--: ACCOUNT NAME BALANCE Accounts Payable 3,135 Accounts Receivable 1,171 Cash 54,552 Miscellaneous Expense 780 Office Equipment 2,225 Office Furniture 1,950 Professional Fees 6,291 Rent Expense 1,035 S. Lyon, Capital 55,000 S. Lyon, Drawing 980 Salary Expense 1,210 Utilities Expense 523 All the above accounts have normal balances. Prepare an income statement for June 30, 20--. 54,552 Lyon Clinic Income Statement For Month Ended June 30, 20-- Revenue: Cash Expenses: Office Furniture Office Equipment Utilities Expense Miscellaneous Expense Total Expenses $ Prepare a statement of owner's equity for June 30, 20--. If an amount is zero, enter "0". Lyon Clinic Statement of Owner's Equity For Month Ended June 30, 20-- Subtotal $ Prepare a balance sheet as of June 30, 20--- Lyon Clinic Balance Sheet June 30, 20-- Assets $ Total Assets $ Liabilities $ Owner's Equity bo Total Liabilities and Owner's Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Survey Of Accounting

Authors: Carl S. Warren

1st Edition

0538870850, 9780538870856

More Books

Students also viewed these Accounting questions

Question

Discuss the value of adult learning theory to HRD interventions

Answered: 1 week ago

Question

Conduct a task analysis for a job of your choosing

Answered: 1 week ago