P1-3A On May 1, Jeff Wilkins started Skyline Flying School, a company that provides flyinglessons, by investing $45,000 cash in the business. Following are the assets and liabilities of thecompany on May 31, 2010, and the revenues and expenses for the month of May.CashAccounts ReceivableEquipmentLesson RevenueAdvertising Expense$ 5,6007,20064,0007,500500Notes PayableRent ExpenseRepair ExpenseFuel ExpenseInsurance ExpenseAccounts Payable$30,0001,2004002,500400800Jeff Wilkins made no additional investment in May, but he withdrew $1,500 in cash for personal use.Instructions(a) Prepare an income statement and owner's equity statement for the month of May and a bal-ance sheet at May 31.(b) Prepare an income statement and owner's equity statement for May assuming the followingdata are not included above: (1) $900 of revenue was earned and billed but not collected atMay 31, and (2) $1,500 of fuel expense was incurred but not paid.

The important financial statements of the business include income statement, statement of owners'…

P1-3A On May 1, Jeff Wilkins started Skyline Flying School, a company that provides flying lessons, by investing $45,000 cash in the business. Following are the assets and liabilities of the company on May 31, 2010, and the revenues and expenses for the month of May. Cash Accounts Receivable Equipment Lesson Revenue Advertising Expense $ 5,600 7,200 64,000 7,500 500 Notes Payable Rent Expense Repair Expense Fuel Expense Insurance Expense Accounts Payable $30,000 1,200 400 2,500 400 800

P1-3A On May 1, Jeff Wilkins started Skyline Flying School, a company that provides flying lessons, by investing $45,000 cash in the business. Following are the assets and liabilities of the company on May 31, 2010, and the revenues and expenses for the month of May. Cash Accounts Receivable Equipment Lesson Revenue Advertising Expense $ 5,600 7,200 64,000 7,500 500 Notes Payable Rent Expense Repair Expense Fuel Expense Insurance Expense Accounts Payable $30,000 1,200 400 2,500 400 800

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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