Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The adjusted trial balance for Impressions Dance School has been provided for the year ended September 30, 2020. The new bookkeeper alphabetized the accounts. Account

The adjusted trial balance for Impressions Dance School has been provided for the year ended September 30, 2020. The new bookkeeper alphabetized the accounts.

Account Debit Credit
Accounts payable $ 23,180
Accounts receivable $ 14,000
Accumulated depreciation, automobiles 39,860
Accumulated depreciation, building 166,500
Alisha Bjorn, capital 180,960
Alisha Bjorn, withdrawals 12,000
Automobiles 73,500
Building 241,000
Cash 12,100
Copyright 7,400
Depreciation expense, automobiles 7,600
Depreciation expense, building 28,900
Dance lesson revenue 157,180
Gas, oil, and repairs expense 30,100
Land 33,400
Land for future expansion 55,000
Notes payable* 95,000
Brand name 9,300
Rent revenue 21,500
Salaries expense 179,000
Store supplies 4,880
Unearned revenue 24,000
Totals $ 708,180 $ 708,180

*The notes payable plus interest are due in 18 months. The owner made no investments during the year. Prepare an income statement for the year ended September 30, 2020.

Prepare a statement of changes in equity for the year ended September 30, 2020.

Prepare a classified balance sheet at September 30, 2020.

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_2

Step: 3

blur-text-image_3

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

The Federal Budget Politics Policy Process

Authors: Allen Schick

3rd Edition

0815777353, 9780815777359

More Books

Students also viewed these Accounting questions