Cash Receipts Cash Payments
Issuance of common shares $21,200
Payment to purchase repair shop...
Cash Receipts Cash Payments
Issuance of common shares $21,200
Payment to purchase repair shop equipment $9,030
Rent payments to landlord 1295
Newspaper advertising payment 325
utility bill payments 800
Part-time helper's wage payments 2,000
Income tax payment 10,300
Cash receipts from ski and snowboard repair services 30,600
Subtotals 51,800 23,750
Cash balance 28,050
Totals $51,800 $51,800
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 $495 at April 30, 2022, for unpaid wages. At April 30 2022. customers owe Wildhorse Co. $455 for services they have received but have not yet paid for.
Required:
Prepare an accrual-basis income statement for the 6 months ended April 30, 2022.
Answers: 3
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