Answer Happy

On August 31, the balance sheet of Sheffield Veterinary Clinic showed Cash $10,260, Accounts Receivable $1,938, Supplies $684, Equipment $6,840, Accounts Payable $4,104, Common Stock $14,820, and Retained Earnings $798. During September, the following transactions occurred. 1. Paid $3,306 cash for accounts payable due. 2. Collected $1,482 of accounts receivable. 3. Purchased additional equipment for $2.394, paying $912 in cash and the balance on account. 4. Performed services worth $8,322, of which $2,850 is collected in cash and the balance is due in October. 5. Paid a $456 cash dividend. 6. Paid salaries $1,938, rent for September $1,026, and advertising expense $228. 7. Incurred utilities expense for month on account $187. 8. Received $11,400 from Capital Bank on a 6-month note payable.
(a) Prepare a tabular analysis of the September transactions beginning with August 31 balances. Include margin explanations for any changes in revenues or expenses. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Post entries in the order presented in the question.)
Prepare an income statement for September. SHEFFIELD VETERINARY CLINIC Income Statement $ -/18 E ***
(62) Prepare a retained earnings statement for September. (List items that increase retained earnings first.) SHEFFIELD VETERINARY CLINIC Retained Earnings Statement
Prepare a classified balance sheet at September 30. (List Current Assets in order of liquidity) SHEFFIELD VETERINARY CLINIC Balance Sheet Assets -/18 :
Liabilities and Stockholders' Equity $