Franken Company, a ski tuning and repair shop, opened on November 1, 2016. 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, 2017.
Cash Receipts Cash Payments
Issuance of common shares $20,000
Payment to purchase repair shop equipment $9,200
Payments to landlord 1,225
Newspaper advertising payment 375
Utility bill payments 970
Part-time helper’s wage payments 2,600
Income tax payment 10,000
Cash receipts from ski and snowboard repair services 32,150
Subtotals 52,150 24,370
Cash balance 27,780
Totals $52,150 $52,150
The repair shop equipment was purchased on November 1 and has an estimated useful life of 4 years. Lease payments to the landlord are made at the beginning of each month. The payments to the landlord included a security deposit of $175. The part-time helper is owed $420 at April 30, 2017, for unpaid wages. At April 30, 2017, customers owe Franken Company $540 for services they have received but have not yet paid for.
(a) Prepare an accrual-basis income statement for the 6 months ended April 30, 2017.
(b) Prepare the April 30, 2017, classified balance sheet.
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Franken Company, a ski tuning and repair shop, opened on November 1, 2016. The company carefully kep...
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