Wildhorse Company, a ski tuning and repair shop, opened on November 1, 2024. The company carefully kept track of all its cashreceipts and cash payments. The following information is available at the end of the ski season, April 30, 2025Issuance of common sharesPayment to purchase repair shop equipmentRent payments to landlordNewspaper advertising paymentUtility bill paymentsPart-time helper's wage paymentsIncome tax paymentCash receipts from skl and snowboard repair servicesSubtotalsCash balanceTotals(a)CashReceipts$20,80030,300<<51,100$51,100CashPayments$9.3001,1903408302.15011,80025,610The repair shop equipment was purchased on November 1 and has an estimated useful life of 5 years. Lease payments to the landlordare made at the beginning of each month. The part-time helper is owed $415 at April 30, 2025, for unpaid wages. At April 30, 2025,customers owe Wildhorse Company $470 for services they have received but have not yet paid for.WILDHORSE COMPANYIncome Statement25,490$51,100Prepare an accrual-basis income statement for the 6 months ended April 30, 2025,$

Name: Wildhorse Company, a ski tuning and repair shop, opened on November 1
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Wildhorse Company, a ski tuning and repair shop, opened on November 1, 2024. The company carefully kept track of all its cashreceipts and cash payments. The following information is available at the end of the ski season, April 30, 2025Issuance of c

Income statement: It is one of the financial statements prepared by an organization. This statement…

Business

Accounting

Wildhorse Company, a ski tuning and repair shop, opened on November 1, 2024. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2025 Issuance of common shares Payment to purchase repair shop equipment Rent payments to landlord Newspaper advertising payment Utility bill payments Part-time helper's wage payments Income tax payment Cash receipts from ski and snowboard repair services Subtotals Cash balance Totals (a) Cash Receipts $20,800 30,300 V 51,100 $51,100 Cash Payments $9.300 1,190 $ 340 830 2,150 11.800 25,610 The repair shop equipment was purchased on November 1 and has an estimated useful life of 5 years. Lease payments to the landlord are made at the beginning of each month. The part-time helper is owed $415 at April 30, 2025, for unpaid wages. At April 30, 2025, customers owe Wildhorse Company $470 for services they have received but have not yet paid for. 25,490 WILDHORSE COMPANY Income Statement $51,100 Prepare an accrual-basis income statement for the 6 months ended April 30, 2025. $

Wildhorse Company, a ski tuning and repair shop, opened on November 1, 2024. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2025 Issuance of common shares Payment to purchase repair shop equipment Rent payments to landlord Newspaper advertising payment Utility bill payments Part-time helper's wage payments Income tax payment Cash receipts from ski and snowboard repair services Subtotals Cash balance Totals (a) Cash Receipts $20,800 30,300 V 51,100 $51,100 Cash Payments $9.300 1,190 $ 340 830 2,150 11.800 25,610 The repair shop equipment was purchased on November 1 and has an estimated useful life of 5 years. Lease payments to the landlord are made at the beginning of each month. The part-time helper is owed $415 at April 30, 2025, for unpaid wages. At April 30, 2025, customers owe Wildhorse Company $470 for services they have received but have not yet paid for. 25,490 WILDHORSE COMPANY Income Statement $51,100 Prepare an accrual-basis income statement for the 6 months ended April 30, 2025. $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Rick Rambis operates a ski lodge center at Bull Mountain in Alaska. He has just received the monthly bank statement at October 31 from Bull National Bank. The bank statement shows an ending balance at October 31 of $750. The following items are listed on the statement:1. The bank collected rent revenue for Rick in the amount of $330.2. Service charge of $10.3. Two NSF checks from customers totaling $110.4. Printing check charge of $11.In reviewing his cash records and the bank statement, Rick identifies the following:1. Outstanding checks totaling $603.2. Deposit in transit on October 31 of $1,770.3. An error made by Rick: Rick recorded a salary check for $31 but it cleared the bank at $310.Rick’s cash records show a balance on October 31 of $1,997.Requireda) Reconcile the bank account.b) Prepare journal entries that should be made as a result of the bank reconciliation.c) What should the balance in Rick’s Cash account be after the reconciliation?d) What total amount of cash should the…
Outstanding Publishing completed the following transactions during 2024: i (Click the icon to view the transactions.) Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $300, plus sales tax of 4%. (Prepare a single compound entry for this transaction.) Credit Date Accounts and Explanation Debit Oct. 1 More info Oct. 1 Nov. 15 Dec. 31 Sold a six-month subscription (starting on November 1), collecting cash of $300, plus sales tax of 4%. Remitted (paid) the sales tax to the state of Tennessee. Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Print Done X
Slippery Slope Resort ends its fiscal year on April 30. The resort adjusts its accounts monthly but closes them only at year-end (April 30). The busy season is from December 1 through March 31. Anita Powder, the resort's chief financial officer, keeps a close watch on Lift Ticket Revenue and Cash. The balances of these accounts at the end of each of the last five months are as follows: Lift Ticket Revenue Cash November 30 S 25,000 $ 9,000 December 31 190,000 62, 000 January 31 660,000 83,000 February 28 770,000 104,000 March 31 890,000 120,000 Ms. Powder prepares income statements and balance sheets for the resort. Assuming they are prepared for: The month ended January 31. Indicate what amount will be shown in the statements for Lift Ticket Revenue. Indicate what amount will be shown in the statements for Cash. The entire busy season to date—that is, December 1 through March 31. Indicate what amount will be shown in the statements for Lift Ticket Revenue. Indicate what amount will be…
Safe Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. As of the end of the year, Safe Home has collected $1,130 from cash-paying customers. Safe Home's remaining customers owe the business $320. Safe Home recorded $1,130 of service revenue for the year. Cash basis If Safe Home had recorded their service revenue using the other method, how much service revenue would they have recorded for the year? Splendid Occasions received $2,080 for services to be performed for the next 8 months on March 31 and recorded this transaction using the Unearned Revenue account. Accrual basis If Splendid Occasions had recorded their service revenue using the other method, how much service revenue would they have recorded for the year?
Penny-Wise Pound-Fool Company established a $400 petty cash fund on September 1, 2021. The fund is replenished at the end of each month. At the end of September 2021, the fund contained $74 in cash and each of the following receipts: Office Supplies $142 Advertising 96 Postage 40 Miscellaneous 38 Required: Prepare the necessary general journal entry to establish the petty cash fund on September 1 and to replenish the fund on September 30.
Sentry Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a fullrange of passenger services. Sentry engaged in the following activities during the current year:a. Sentry received $5,000 cash in advance from Rich’s Department Store for an estimated 250deliveries during December 2019 and January and February of 2020. The entire amountwas recorded as unearned revenue when received. During December 2019, 110 deliverieswere made for Rich’s.b. Sentry operates several small buses that take commuters from suburban communities to thecentral downtown area of Atlanta. The commuters purchase, in advance, tickets for 50 onewayrides. Each 50-ride ticket costs $500. At the time of purchase, Sentry credits the cashreceived to unearned revenue. At year end, Sentry determines that 10,160 one-way rideshave been taken.c. Sentry operates several buses that provide transportation for the clients of a social service agencyin Atlanta. Sentry bills the agency quarterly at the…
Judy Cumby is the sole owner of Sheridan, a public camping ground near Gros Morne National Park. Judy has gathered the following financial information for the year ended March 31, 2024: Find Judy's Owner equity as at March 31st.
Crane Company, a ski tuning and repair shop, opened on November 1, 2024. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2025. Issuance of common shares Payment to purchase repair shop equipment Rent payments to landlord Newspaper advertising payment Utility bill payments Part-time helper's wage payments Income tax payment Cash receipts from ski and snowboard repair services Subtotals Cash balance Totals Cash Receipts $17,000 (a) 30.000 47.000 $47,000 Cash Payments $9,000 1.190 CRANE COMPANY Income Statement $ 300 800 2.000 10,000 23.290 The repair shop equipment was purchased on November 1 and has an estimated useful life of 5 years. Lease payments to the landlord are made at the beginning of each month. The part-time helper is owed $350 at April 30, 2025, for unpaid wages. At April 30, 2025, customers owe Crane Company $350 for services they have received but have not yet paid…
The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…
Scan House, a large campground in southern Florida, adjusts its accounts monthly. Most guests of the campground pay at the time they check out, and the amounts collected are credited to Camper Revenue. The following information is available as a source for preparing the adjusting entries at December 31:1. Scan House invests some of its excess cash in certificates of deposit (CDs) with its localbank. Accrued interest revenue on its CDs at December 31 is $1,400. None of theinterest has yet been received.2. A six-month bank loan in the amount of $120,000 had been obtained on September 1.Interest is to be computed at an annual rate of 8 percent and is payable when the loanbecomes due.3. Depreciation on buildings owned by the campground is based on a 20-year life. Theoriginal cost of the buildings was $800,000. The Accumulated Depreciation: Buildingsaccount has a credit balance of $300,000 at December 31, prior to the adjusting entryprocess. The straight-line method of depreciation is…
During 2021, Ocean Consulting had the following transactions with its clients (customers): On February 1, 2021, the company receieved cash of $10,000 from clients in payment of their account balances as of December 31, 2020. On November 1, 2021, the company receieved $4,000 cash as payments in advance for services to be performed in 2022. The company receieved a total of $26,000 in cash for services that were performed during 2021. The company sent bills totaling $8,000 to clients for services performed during 2021; this amount was unpaid as December 31, 2021 Which of the following statements about the activities for Ocean Consulting for 2021, is correct? A. if accounts receivable at December 31, 2020 totaled $50,000, the amount of accounts receivable to be reported on the balance sheet at December 31, 2021 will be $48,000 B. the $4,000 receieved from clients for services to be performed next year will be reported as revenue on the 2021 income statement C. the $8,000 owed by clients…
**General Journal needed** Review uploaded images Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1. As of August 31, the bank statement shows a balance of $13,250. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $9,564. A review of the bank statement revealed the following information: A deposit of $1,250 on August 31, Year 1, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $1,750 but was recorded on the books as $2,650. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,095 were found to be outstanding. A debit memo for $59 was included in the bank statement for the purchase of a new supply of checks.