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Steve Mans decided to start his own small bus tour business, called Cascade Tours. He had the following ending balances after the first month of
Steve Mans decided to start his own small bus tour business, called Cascade Tours. He had the following ending balances after the first month of operations (September 2021).
Ending Balances - September 30, 2021 | |
Accounts Payable | $ 600 |
Bus | $ 35,600 |
Bank Loan | $ 17,600 |
Capital Invested in September | $ 19,300 |
Cash | $ 9,600 |
Interest Expense | $ 700 |
Mans, Capital, September 1, 2021 | $ 0 |
Mans, Withdrawals | $ 1,000 |
Maintenance Expense | $ 600 |
Miscellaneous Expense | $ 800 |
Prepaid Insurance | $ 1,800 |
Salaries & Wages Expense | $ 900 |
Service Revenue | $ 9,200 |
Unearned Revenue | $ 5,100 |
Utilities Expense | $ 800 |
Required
Prepare the income statement, statement of owner's equity, and balance sheet.
Do not enter dollar signs or commas in the input boxes.
Do not use negative signs.
Enter the expenses in alphabetical order on the income statement.
Select the proper order for the headings of the financial statements.
AnswerAs at September 30, 2021For the Month Ended September 30, 2021Cascade Tours | ||
Income Statement | ||
AnswerAs at September 30, 2021For the Month Ended September 30, 2021Cascade Tours | ||
Revenue | ||
AnswerInterest ExpenseMaintenance ExpenseMiscellaneous ExpenseSalaries & Wages ExpenseService RevenueUtilities Expense | Answer | |
Expenses | ||
AnswerInterest ExpenseMaintenance ExpenseMiscellaneous ExpenseSalaries & Wages ExpenseService RevenueUtilities Expense | Answer | |
AnswerInterest ExpenseMaintenance ExpenseMiscellaneous ExpenseSalaries & Wages ExpenseService RevenueUtilities Expense | Answer | |
AnswerInterest ExpenseMaintenance ExpenseMiscellaneous ExpenseSalaries & Wages ExpenseService RevenueUtilities Expense | Answer | |
AnswerInterest ExpenseMaintenance ExpenseMiscellaneous ExpenseSalaries & Wages ExpenseService RevenueUtilities Expense | Answer | |
AnswerInterest ExpenseMaintenance ExpenseMiscellaneous ExpenseSalaries & Wages ExpenseService RevenueUtilities Expense | Answer | |
Total Expenses | Answer | |
Net Income (Loss) | Answer |
AnswerAs at September 30, 2021For the Month Ended September 30, 2021Cascade Tours | ||
Statement of Owner's Equity | ||
AnswerAs at September 30, 2021For the Month Ended September 30, 2021Cascade Tours | ||
Mans, Capital, September 1, 2021 | Answer | |
Add Capital Invested in September | Answer | |
Net Income (Loss) | Answer | |
Less Mans, Withdrawals | Answer | |
Mans, Capital, September 30, 2021 | Answer |
AnswerAs at September 30, 2021For the Month Ended September 30, 2021Cascade Tours | |||
Balance Sheet | |||
AnswerAs at September 30, 2021For the Month Ended September 30, 2021Cascade Tours | |||
Assets | Liabilities | ||
Cash | Answer | Accounts Payable | Answer |
Prepaid Insurance | Answer | Unearned Revenue | Answer |
Bus | Answer | Bank Loan | Answer |
Total Liabilities | Answer | ||
Owner's Equity | |||
Mans, Capital, September 30, 2021 | Answer | ||
Total Assets | Answer | Total Liabilities and Owner's Equity | Answer |
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