Solution-Show an income statement and a statement of owner

Show an income statement and a statement of owner equity

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Reference no: EM132470598

Problem - Guy McKinley started the McKinley Charter Service at the beginning of August 2019. On August 31, 2019, the accounting records of the business showed the following information.

Equipment $21,500

Rent Expense $5,600

Accounts Receivable 3,300

Cash 6,700

Fees Income 31,750

Salaries Expense 11,500

Boats 106,500

Utilities Expense 2,250

Gasoline Expense 8,300 Supplies 4,300 Loans Payable 81,000 Initial Investment 54,500 Owners' Withdrawal 3,200 Accounts Payable 5,900.

Required - Show an income statement and a statement of owner's equity for the month and a balance sheet as of August 31, 2019.

Reference no: EM132470598

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Show an income statement and a statement of owner equity

Reference no: EM132470598

Reference no: EM132470598

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