Wildhorse Co., a ski tuning and repair shop, opened on November1, 2021. The
company carefully kept track of all its cash receiptsand cash payments. The following information is available at theend of the ski season, April 30, 2022.
- Wildhorse Co A Ski Tuning And Repair Shop Opened On November 1 2021 The Company Carefully Kept Track Of All Its Cas 1 (45.53 KiB) Viewed 9 times
The repair shop equipment was purchased on November 1 and has anestimated useful life of 5 years. Lease payments to thelandlord are made at the beginning of each month. The part-timehelper is owed $415 at April 30, 2022, for unpaid wages. AtApril 30, 2022, customers owe Wildhorse Co. $470 forservices they have received but have not yet paid for.
Prepare an accrual-basis income
statement for the 6 months endedApril 30, 2022.
- Wildhorse Co A Ski Tuning And Repair Shop Opened On November 1 2021 The Company Carefully Kept Track Of All Its Cas 2 (22.94 KiB) Viewed 9 times
- Wildhorse Co A Ski Tuning And Repair Shop Opened On November 1 2021 The Company Carefully Kept Track Of All Its Cas 3 (36.18 KiB) Viewed 9 times
Issuance of common shares Payment to purchase repair shop equipment Rent payments to landlord Newspaper advertising payment Utility bill payments Part-time helper's wage payments Income tax payment Cash receipts from ski and snowboard repair services Subtotals Cash balance Totals Cash Receipts $20,800 30,300 51,100 $51,100 Cash Payments $9,330 1,190 340 830 2,150 11,800 25,640 25,460 $51,100
Revenues Expenses WILDHORSE CO. Income
Statement For the Six Months Ended April 30, 2022 $
Net Income / (Loss) ✓ Revenues Total Expenses Retained Earnings, April 30, 2022 Total Revenues Expenses Retained Earnings, November 1, 2016 Dividends I For the Six