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Mt. Horeb Company, a ski tuning and repair shop, opened in November 2011. 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, 2012.
Cash
Receipts
Payments
Issue of common shares
$20,000
Payment for repair equipment
$9,200
Rent payments
1,225
Newspaper advertising payment
375
Utility bills payments
970
Part-time helper"s wages 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
You learn that the repair equipment has an estimated useful life of 4 years. The company rents space at a cost of $175 per month on a one-year lease. The lease contract requires payment of the first and last months" rent in advance, which was done. The part-time helper is owed $420 at April 30, 2012, for unpaid wages. At April 30, 2012, customers owe Mt. Horeb Company $420 for services they have received but have not yet paid for.
Instructions
(a) Prepare an accrual-basis income statement for the 6 months ended April 30, 2012.
(b) Prepare the April 30, 2012, classified balance sheet.
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