9/18/24, 1:00 PM Assignment Print View
5. Award: 10.00 points
Assume that you are the owner/operator of College Park Veterinary Clinic. At the end of the second year of operations (June 30, 2023), the
following financial data for the company are available:
Cash $ 5,500
Accounts Receivable 150,400
Supplies 31,000
Property and Equipment 236,500
Other Assets 14,100
Accounts Payable 82,150
Notes Payable 180,000
Other Liabilities 25,500
Sales Revenue 225,000
Operating Expenses 189,900
Selling and Administrative Expenses 45,500
Advertising and Marketing Expenses 22,000
Interest Expense 5,500
Retained Earnings, July 1, 2022 72,000
Contributed Capital 137,000
Dividends (declared and paid) 21,250
Required:
1. Prepare an income statement for the year ended June 30, 2023.
Note: Negative amounts should be indicated by a minus sign.
https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmludFVSTCI6Imh0dHBzOlwvXC9lenRvLm1oZWR1Y2F… 1/5
9/18/24, 1:00 PM Assignment Print View
COLLEGE PARK VETERINARY CLINIC
Income Statement
For the Year Ended June 30, 2023
Sales revenue $ 225,000
Expenses
Operating expenses 189,900
Selling and administrative expenses 45,500
Advertising and marketing expenses 22,000
Interest expense 5,500
Total expenses 262,900
Net loss $ (37,900)
2. Prepare a statement of retained earnings for the year ended June 30, 2023.
Note: Negative amounts should be indicated by a minus sign.
https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmludFVSTCI6Imh0dHBzOlwvXC9lenRvLm1oZWR1Y2F… 2/5
9/18/24, 1:00 PM Assignment Print View
COLLEGE PARK VETERINARY CLINIC
Statement of Retained Earnings
For the Year Ended June 30, 2023
Retained earnings, July 1, 2022 $ 72,000
Add: Net income (37,900)
Less: Dividends (21,250)
Retained earnings, June 30, 2023 $ 12,850
3. Prepare a balance sheet at June 30, 2023.
https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmludFVSTCI6Imh0dHBzOlwvXC9lenRvLm1oZWR1Y2F… 3/5
9/18/24, 1:00 PM Assignment Print View
COLLEGE PARK VETERINARY CLINIC
Balance Sheet
At June 30, 2023
Assets
Cash $ 5,500
Accounts receivable 150,400
Supplies 31,000
Property and equipment 236,500
Other assets 14,100
Total assets $ 437,500
Liabilities
Accounts payable $ 82,150
Notes payable 180,000
Other liabilities 25,500
Total liabilities 287,650
Shareholders' equity
Contributed capital 137,000
Retained earnings 12,850
Total shareholders' equity 149,850
Total liabilities and shareholders' equity $ 437,500
References
https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmludFVSTCI6Imh0dHBzOlwvXC9lenRvLm1oZWR1Y2F… 4/5
9/18/24, 1:00 PM Assignment Print View
Worksheet Learning Objective: 01-02
Describe the purpose,
structure, and content of the
four basic financial
statements.
https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmludFVSTCI6Imh0dHBzOlwvXC9lenRvLm1oZWR1Y2F… 5/5
