Business, 19.02.2021 16:30, ashleyortego5106

Carla Vista Co., a ski tuning and repair shop, opened on November 1, 2021. 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, 2022. Cash Receipts Cash Payments

Issuance of common shares $23,600
Payment to purchase repair shop equipment $10,856
Payments to landlord 1,512
Newspaper advertising payment 452
Utility bill payments 1,137
Part-time helperâ€™s wage payments 3,068
Income tax payment 11,800
Cash receipts from ski and
snowboard repair services 37,937
Subtotals 61,537 28,825
Cash balance 32,712
Totals $61,537 $61,537

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 amount of the payments to the landlord shown above includes a one-time security deposit of $216. The part-time helper is owed $488 at April 30, 2022, for unpaid wages. At April 30, 2022, customers owe Carla Vista Co. $641 for services they have received but have not yet paid for.

Required:
a. Prepare an accrual-basis income statement for the 6 months ended April 30, 2022.
b. Prepare the April 30, 2022, classified balance sheet.

Answers: 3

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Carla Vista Co., a ski tuning and repair shop, opened on November 1, 2021. The company carefully kep...