↓Business CourseNet Incomed.Ch 3 ProblemBalance, June 1e.HAssetsAdd: Net Income for June4Less: Dividends paid(enter as negative)Balance, June 30https://mybusinesscourse.com/platform/mod/quiz/review.php?attempt=6797371&cmid=3629CashAccounts ReceivablePianoTotal AssetsXType here to search+✔$+ ✔MICA DANCE STUDIOStatement of Stockholders EquityFor the Month Ended June 30Return to course$Common Stock Retained Earnings7,870 $2,000 $25,460 x$7,0205,90010,580✔5,500✔0✔0✓6,970 * $MICA DANCE STUDIOBalance SheetJune 30LiabilitiesAccounts PayableNotes Payable(900)1,100 x $Total LiabilitiesStockholders' Equity.Common StockRetained EarningsOETotal9,870✔25,460 x(900) ✔24,560 *→✔$+ ✔Total Stockholders' Equity$ 21,980 Total Liabilities and Stockholders' Equity $VH510✔5,480 ✓5,990 ✔7,870✔2,000 x9,870 x15,860 *COM Business CourseMICA DANCE STUDIOTrial BalanceJune 30CashAccounts ReceivablePianoAccounts PayableNotes PayableCommon StockRetained EarningsDividendsInstructional Fees EarnedPerformance RevenueRent ExpenseUtilities ExpenseAdvertising ExpenseInterest ExpenseTotalsDebit Credit5,90010,5805,500Type here to search900510514807,8702,0007,5002,1001,6655103753025,460 25,460Return to courseRequiredc. Prepare an income statement for the month of June.d. Prepare a statement of stockholders' equity for the month of June.e. Prepare a balance sheet as of June 30.f. Prepare closing entries.g. Prepare a post-closing trial balance./quiz/review.php?attempt=OI

“Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

- - Business Course MICA DANCE STUDIO Trial Balance June 30 Cash Accounts Receivable Piano Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Instructional Fees Earned Performance Revenue Rent Expense Utilities Expense Advertising Expense Interest Expense Totals Debit 5,900 10,580 5,500 Type here to search 900 Credit 510 51480 7,870 2,000 7,500 2,100 1,665 510 375 30 25,460 25,460 Return to course Required c. Prepare an income statement for the month of June. d. Prepare a statement of stockholders' equity for the month of June. e. Prepare a balance sheet as of June 30. f. Prepare closing entries. g. Prepare a post-closing trial balance. O Ai G

- - Business Course MICA DANCE STUDIO Trial Balance June 30 Cash Accounts Receivable Piano Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Instructional Fees Earned Performance Revenue Rent Expense Utilities Expense Advertising Expense Interest Expense Totals Debit 5,900 10,580 5,500 Type here to search 900 Credit 510 51480 7,870 2,000 7,500 2,100 1,665 510 375 30 25,460 25,460 Return to course Required c. Prepare an income statement for the month of June. d. Prepare a statement of stockholders' equity for the month of June. e. Prepare a balance sheet as of June 30. f. Prepare closing entries. g. Prepare a post-closing trial balance. O Ai G

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

↓
Business Course
Net Income
d.
Ch 3 Problem
Balance, June 1
e.
H
Assets
Add: Net Income for June
4
Less: Dividends paid(enter as negative)
Balance, June 30
https://mybusinesscourse.com/platform/mod/quiz/review.php?attempt=6797371&cmid=3629
Cash
Accounts Receivable
Piano
Total Assets
X
Type here to search
+
✔$
+ ✔
MICA DANCE STUDIO
Statement of Stockholders Equity
For the Month Ended June 30
Return to course
$
Common Stock Retained Earnings
7,870 $
2,000 $
25,460 x
$
7,020
5,900
10,580✔
5,500✔
0✔
0✓
6,970 * $
MICA DANCE STUDIO
Balance Sheet
June 30
Liabilities
Accounts Payable
Notes Payable
(900)
1,100 x $
Total Liabilities
Stockholders' Equity.
Common Stock
Retained Earnings
O
E
Total
9,870✔
25,460 x
(900) ✔
24,560 *
→
✔$
+ ✔
Total Stockholders' Equity
$ 21,980 Total Liabilities and Stockholders' Equity $
V
H
510✔
5,480 ✓
5,990 ✔
7,870✔
2,000 x
9,870 x
15,860 *
COM

Business Course
MICA DANCE STUDIO
Trial Balance
June 30
Cash
Accounts Receivable
Piano
Accounts Payable
Notes Payable
Common Stock
Retained Earnings
Dividends
Instructional Fees Earned
Performance Revenue
Rent Expense
Utilities Expense
Advertising Expense
Interest Expense
Totals
Debit Credit
5,900
10,580
5,500
Type here to search
900
510
51480
7,870
2,000
7,500
2,100
1,665
510
375
30
25,460 25,460
Return to course
Required
c. Prepare an income statement for the month of June.
d. Prepare a statement of stockholders' equity for the month of June.
e. Prepare a balance sheet as of June 30.
f. Prepare closing entries.
g. Prepare a post-closing trial balance.
/quiz/review.php?attempt=
O
I

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23. Prepare closing entries rom the following end-of period spreadsheet. Austin Entergrises Fadof Peried Spreadsheet For the Year Eaded December JI Adnted Trial Balance Credit Income Statement Debt Balance Sheet Deb 26.500 7000 Account Titie Crede Debit Crede 26,500 7,000 1,000 18300 Cash Accounts Receivable Supplies Equipment Accumalated Depr 18.500 5.000 5.000 Accoures Payabie Wages Payable Common Stock Retained arnings Dividends Eees Earmed Wages Eapense Rest Esgeme Depreciation Eapense Toals Net omeLo) 11,000 100 6.000 2.000 1000 1,000 6.000 2.000 2.000 2,000 59.500 59.500 19,000 7.000 3.00 19000 7000 3.300 .500 .500 29,500 20.0 59.500 5.000 25,000 20.000
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Sample Worksheet Work Sheet For the Month Ended January 31, 2020 Trial Balance Adjustments Adj. T/Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 13,200 22,000 5,400 29,250 22,000 5,400 Cash 20,000 b-h 3,950 29,250 22,000 a CD'S Other Securities 5,400 Loan Payable Owner' Equity 25,000 15,600 b 25,000 15,100 25,000 15,100 500 Revenue a 20,000 20,000 20,000 Interest Income Utilities expense Internet & Telephone Advertising Expense C 300 300 300 150 150 150 e 300 300 300 Rent Expense f 2,000 2,000 2,000 Supplies expense 450 450 450 Insurance expense 250 250 250 40,100 16,550 56,650 40,600 23,950 60,100 3,450 16,550 20,000 40,600 23,950 60,100 20,000 56,650 Net income 20,000 56,650 1. Cash is overstate by 500.00 and Owners Equity is overstated by $500.00. 2. Utilities Expense of $300.00 was paid on January 25. 3. Insurance expense of $250.00 was paid on January 27. 4. supplies for the month in the amount of $450.00 was purchased. 5. Rent for…