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Short Answer - Question 1 [15 marks] On June 1, 2021, Carrie Ford organized a new company called Second Time Around Clothing. On the last
Short Answer - Question 1 [15 marks] On June 1, 2021, Carrie Ford organized a new company called Second Time Around Clothing. On the last day of that month, the company's records showed the items listed below. Use the information to prepare the June Income Statement, Statement of Owner's Equity and Balance Sheet at June 30 for Second Time Around Clothing. Ensure vou use proper formatting and dating on all financial statements Account Balance Accumulated Depreciation-Vehicles 80,000 Commission revenue earned 57,000 Consulting revenue 61,000 Current amount of Mortgage payable 5,000 Interest earned 33,500 Interest expense 14,000 Interest payable 17,500 Investment by Owner 95,500 Mortgage payable (due in 10 years) 65,000 Notes receivable (due in 120 days) 149,500 Office supplies expense 53,000 Prepaid Insurance 17,000 Prepaid rent 15,000 Short-term notes payable 88,500 Store supplies expense 76,500 Vehicles 150,000 Withdrawals 28,000 a. Complete an Income Statement for the month ended June 3
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