Question

In: Accounting

The following information relates to YogaGuru for the year ended 30 June 2020. Prepaid rent 14,500...

The following information relates to YogaGuru for the year ended 30 June 2020.

Prepaid rent

14,500

Accounts payable

52,700

Electricity expense

7,500

Unearned revenue

11,600

Wages payable

12,500

Accumulated depreciation- Equipment

8,600

Capital

?

Rent expense

32,000

Cash at bank

75,800

Wages expense

135,400

Supplies

3,900

Service revenue

282,600

Bank Loan (due in 2025)

38,000

Accounts receivable

7,500

Drawings

4,000

Equipment

235,200

Depreciation expense-Equipment

8,600

Required: Prepare an Income Statement , a fully classified Balance Sheet in narrative format and a Statement of Changes in Equity for the year ended 30 June 2020 for YogaGuru.

Income Statement:

Fully narrative Balance Sheet:

Statement of Changes in Equity

Solutions

Expert Solution

Income Statement
Revenue
Service Revenue $       282,600
Total Revenue $       282,600
Expenses
Depreciation Expense - Equipment $            8,600
Rent expense $          32,000
Wages Expense $       135,400
Electricity Expense $            7,500
Total Expenses $       183,500
Net Income $         99,100
Statement of Owner's Equity
Beginning Balance, Capital $       118,400
Add: Net Income $          99,100
$       217,500
Less : Drawings $            4,000
Ending Balance, Capital $       213,500
Balance Sheet
Assets
Current Assets
Cash $          75,800
Accounts receivable $            7,500
Supplies $            3,900
Prepaid Rent $          14,500
Total Current Assets $       101,700
Equipment $       235,200
   Less : Accumulated Depreciation $          -8,600
Total Property Plant and Equipment $       226,600
Total Assets $       328,300
Liabilities & Stockholder's Equity
Current Liabilities
Accounts payable $          52,700
Wages Payable $          12,500
Unearned Revenue $          11,600
Total Current Liabilities $         76,800
Non-Current Liabilities
Bank Loan $          38,000
Total Liabilities $       114,800
Owner's Equity
Capital $       213,500
Total Owner's Equity $       213,500
Total Liabilities & Owner's Equity $       328,300

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