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Boulder Corporation, a ski tuning and repair shop, opened November 1, 2017. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2018. Cash Payments Cash Receipts $ 18,100 $9,060 1,190 390 880 Issue of common shares Payment for repair equipment Rent payments Newspaper advertising payment Utility bills payments Part-time helper's salary payments Income tax payment Cash receipts from ski and snowboard repair services Subtotals Cash balance Totals 2,540 10.700 30,900 49,000 24,760 24.240 $ 49,000 $ 49,000 You learn that the repair equipment has an estimated useful life of 5 years. The company rents space at a cost of $ 170 per month on a one-year lease. The lease contract requires payment of the first and last months' rent in advance, which was done. The part-time helper is owed $ 390 at April 30, 2018 for unpaid salaries. At April 30, 2018, customers owe Boulder Corporation $ 350 for services they have received but have not yet paid for. Your answer is partially correct. Using T-accounts, calculate the amounts that would be reported on an accrual basis for each of the following: Accounts Receivable, Accumulated Depreciation-Equipment, Advertising Expense, Cash, Common Shares, Depreciation Expense, Equipment, Income Tax Expense, Prepaid Rent, Rent Expense, Salaries Expense, Salaries Payable, Service Revenue, and Utilities Expense. Based on the balances determined for the above accounts, calculate the amount for Retained Earnings. Accounts Receivable $ 350 Accumulated Depreciation-Equipment 1812 Advertising Expense $ 390 Cash $ 24240 Common Shares $ 18100 Depreciation Expense $ 1812 Equipment $ 9060 Income Tax Expense $ 10700 Prepaid Rent $ 170 Rent Expense $ 1020 Salaries Expense $ 2930 Salaries Payable $ 390 Service Revenue $ 31250 Utilities Expense $ 880 Retained earnings 13518

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