Reference no: EM132641000
Question - On January 1, 2019, Dance Training Co entered its second year of operations. Dance Training Co provides elite personal training courses to dancers who want to work on cruise ships. On December 31, 2020, Jordan Ryan, the owner, finalized the company's records, which showed the following items.
Accounts payable $10,200
Accounts receivable 50,000
Cash 26,400
Choreography revenue 24,100
Dance studio equipment 20,000
Dance training revenue 143,000
Furniture 14,000
Interest expense 2,900
Jordan Ryan, capital, December 31, 2019 80,100
Jordan Ryan, withdrawals 50,000
Notes payable 28,000
Prepaid rent 4,800
Rent expense 18,000
Supplies 3,200
Supplies expense 16,700
Utilities expense 10,600
Wages expense 68,800
Hint: The ending capital balance for one period is the beginning capital balance for the next period. There were no owner investments during the year ended December 31, 2020.
Required -
a. Prepare an income statement for the year ended December 31, 2020.
b. Statement of changes
c. balance sheet
d. debt and equity