thank you i also need the income statement
Sheridan Travel Court was organized on July 1, 2021. by Betty Johnson, Betty is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Betty prepared the following income statement for her fourth quarter, which ended June 30, 2022 $216,200 SHERIDAN TRAVEL COURT Income Statement For the Quarter Ended June 30, 2022 Revenues Rent revenue Operating expenses Advertising expense Satories and wages pense Utilitiese pense Depreciation expense Maintenance and repaint pense Total operating expenses Net income $4,510 34.555 930 3.185 4.145 97,325 $118.875 Betty suspected that something was wrong with the statement because net income had never exceeded $30,000 in any one quarter. Knowing that you are an experienced accountant, she asks you to review the income statement and other data. You first look at the trial balance. In addition to the account balances reported above in the income statement, the trial balance contains the following additional selected balances at June 30, 2022. $9,010 Supplies Prepaid Insurance Notes Payable 14.400 14.000 You then make inquiries and discove the following 1 2 3. 4 Sheridan rentals revenues indude advanced rental payments received for summer occupancy in the amount of $57.435 There were $1.985 of supplies on hand at June 30 Prepaid insurance resulted from the payment of acne year policy on April 1.2022 The mailin luly 2022 brought the following bills advertising for the week of 24, 5130, repairs madeune 1854.80 and utilities for the month of June. $245, We expenses $330 per day. At lune 30.four days we have been incurred but not paid The nate payable is a note dated May 1, 2022, and due on July 31, 2022 Income tax of 514150 for there is the in July but has not yet been recorded 5 7 No. Account Titles and explanation Debit Credit 1 2 3. Sheridan Travel Court was organized on July 1, 2021. by Betty Schnson Bettyis a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Betty prepared the following income statement for her fourth quarter which ended June 30, 2022 SHERIDAN TRAVEL COURT Income Statement For the Quarter Ended June 30, 2022 Revenues $216,200 $4510 Rent revenue Operating expenses Advertising opene Salaries and wages opene Utilities expose Depreciation expense Maintenance and repairs opense 34 355 930 3185 4145 Total operating expenses 97.325 Net Income $118.875 Betty suspected that something was wrong with the statement because net income had never eceeded $30,000 in any one quarter. Knowing that you are an experienced accountant, she asks you to review the income statement and other data You first look at the trial balance. In addition to the account balances reported above in the income statement the trial balance contains the following additional selected balances at June 30, 2022. Supplies $9.010 Prepaid Insurance 14400 Notes Payable 14.000 Youthen maketinquiries and discover the following 1 2. 3. 4. Sheridan rentals revenues include advanced rental payments received for summer occupancy in the amount of $37,435 There were $1.985 of supplies on hand at June 30. Prepaid insurance resulted from the payment of a one year policy on April 1.2002 Themailin July 2022 brought the following bills advertising for the week of June 24, 5130, episode 14.54.630 and utilities for the month of June. $245 We expenses $330 per day At June 30, four days' wages have been incurred but not paid The note payable is a 6% note dated May 1 2022 and due on oly 31, 2022 Income tax of $14, 150 for the quarter is due in July but has not yet been recorded 5. 6 7
