Assume that you are the owner/operator of College Park Veterinary Clinic. At the end of the second year of operations (June 30, 2020), the following financial data for the company are available: Cash Accounts Receivable Supplies Property and Equipment Other Assets Accounts Payable Notes Payable Other Liabilities Sales Revenue Operating Expenses Selling and Administrative Expenses Advertising and Marketing Expenses Interest Expense Retained Earnings, July 1, 2019. Contributed Capital Dividends Expenses Required: 1. Prepare an income statement for the year ended June 30, 2020. (Negative amounts should be indicated by a minus sign.) COLLEGE PARK VETERINARY CLINIC Income Statement For the Year Ended June 30, 2020 $ 5,000 149,800 27,000 240,500 13,700 106,550 160,000 25,100 205,000 187,100 45,100 21,200 5,000 81,000 Total expenses 137,000 20,250
Assume that you are the owner/operator of College Park Veterinary Clinic. At the end of the second year of operations (June 30, 2020), the following financial data for the company are available: Cash Accounts Receivable Supplies Property and Equipment Other Assets Accounts Payable Notes Payable Other Liabilities Sales Revenue Operating Expenses Selling and Administrative Expenses Advertising and Marketing Expenses Interest Expense Retained Earnings, July 1, 2019. Contributed Capital Dividends Expenses Required: 1. Prepare an income statement for the year ended June 30, 2020. (Negative amounts should be indicated by a minus sign.) COLLEGE PARK VETERINARY CLINIC Income Statement For the Year Ended June 30, 2020 $ 5,000 149,800 27,000 240,500 13,700 106,550 160,000 25,100 205,000 187,100 45,100 21,200 5,000 81,000 Total expenses 137,000 20,250
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Assume that you are the owner/operator of College Park Veterinary Clinic. At the end of the
second year of operations (June 30, 2020), the following financial data for the company are
available:
Cash
Accounts Receivable
Supplies
Property and Equipment
Other Assets
Accounts Payable
Notes Payable
Other Liabilities
Sales Revenue
Operating Expenses
Selling and Administrative Expenses
Advertising and Marketing Expenses
Interest Expense
Retained Earnings, July 1, 2019
Contributed Capital
Dividends
Required:
1. Prepare an income statement for the year ended June 30, 2020. (Negative amounts should
be indicated by a minus sign.)
Expenses
COLLEGE PARK VETERINARY CLINIC
Income Statement
For the Year Ended June 30, 2020
$ 5,000
149,800
27,000
240,500
13,700
106,550
160,000
25,100
205,000
187,100
45,100
21,200
5,000
81,000
137,000
20,250
Total expenses
Transcribed Image Text:2. Prepare a statement of retained earnings for the year ended June 30, 2020. (Negative amounts should be indicated by a minus
sign.)
COLLEGE PARK VETERINARY CLINIC
Statement of Retained Earnings
For the Year Ended June 30, 2020
Retained earnings, July 1, 2019
Retained earnings, June 30, 2020
3. Prepare a balance sheet at June 30, 2020.
Assets
Total assets
Liabilities
COLLEGE PARK VETERINARY CLINIC
Balance Sheet
At June 30, 2020
Total liabilities
Shareholders' equity
Total shareholders' equity
Total liabilities and shareholders' equity
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