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Prepare an accrual-basis income statement

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Problem - Sheridan Company, a ski tuning and repair shop, opened on November 1, 2019. 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, 2020.

Cash Receipts-Issuance of common shares $29,400; Cash receipts from ski and snowboard repair services 32,050.

Cash Payments- Payment to purchase repair shop equipment $9,400; Payments to landlord 1,295; Newspaper advertising payment 345; Utility bill payments 960; Part-time helper's wage payments 2,580; Income tax payment 11,400; Cash balance 35,470.

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 $165. The part-time helper is owed $400 at April 30, 2020 for unpaid wages. At April 30, 2020, customers owe Sheridan Company $560 for services they have received but have not yet paid for.

Required -

1. Prepare an accrual-basis income statement for the six months ended April 30, 2020.

2. Prepare a classified balance sheet for months ended April 30, 2020.

Reference no: EM132469998

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