Reference no: EM132783364
Question - At the end of its fiscal year, the adjusted trial balance of Ivanhoe Company is as follows:
IVANHOE COMPANY Adjusted Trial Balance July 31, 2017
Debit Credit
Cash $3,070
Accounts receivable 11,440
Prepaid rent 500
Supplies 750
Debt investments 8,000
Equipment 19,950
Accumulated depreciation-equipment $5,700
Patents 18,300
Accounts payable 4,305
Interest payable 750
Unearned revenue 2,050
Notes payable (due on July 1, 2019) 45,100
B. Ivanhoe, capital 28,285
B. Ivanhoe, drawings 17,300
Service revenue 74,700
Interest revenue 320
Depreciation expense 2,850
Interest expense 3,000
Rent expense 18,550
Salaries expense 36,650
Supplies expense 20,850
DR TOTAL $161,210 CR TOTAL $161,210
Required -
1. Prepare income statement for the year. Mr. Ivanhoe invested $5,000 cash in the business during the year.
2. Prepare statement of owner's equity for the year. Mr. Ivanhoe invested $5,000 cash in the business during the year.
3. Prepare classified balance sheet at July 31, 2017.
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