Practice Midterm 1 Questions ACCT 2210 Financial Statements Ike's Dog Kennel provides day and overnight...
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Practice Midterm 1 Questions ACCT 2210 Financial Statements Ike's Dog Kennel provides day and overnight care for all pets. The following account balances relate to the Company's October 31, 2021 financial statements: There were no common shares issues or repurchased during the year. The current portion of the bank loan payable is $2,000. Required: 1) Prepare an income statement for the year ended October 31, 2021 2) Prepare a statement of changes in equity for the year ended October 31, 2021 3) Prepare a balance sheet as at October 31, 2021 Note Receivable On August 1, 2021 Appaloosa Inc. loaned \$5,000 to one their employees, C. Walker, who signed a 9month 8\% note. Appaloosa Inc. has a year end of January 31, 2022. Required: If the note is paid in full on April 30,2022, record all journal entries and adjustments relevant to the note for Appaloosa Inc
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Practice Midterm 1 Questions ACCT 2210 Financial Statements Ike's Dog Kennel provides day and overnight care for all pets. The following account balances relate to the Company's October 31, 2021 financial statements: There were no common shares issues or repurchased during the year. The current portion of the bank loan payable is $2,000. Required: 1) Prepare an income statement for the year ended October 31, 2021 2) Prepare a statement of changes in equity for the year ended October 31, 2021 3) Prepare a balance sheet as at October 31, 2021 Note Receivable On August 1, 2021 Appaloosa Inc. loaned \$5,000 to one their employees, C. Walker, who signed a 9month 8\% note. Appaloosa Inc. has a year end of January 31, 2022. Required: If the note is paid in full on April 30,2022, record all journal entries and adjustments relevant to the note for Appaloosa Inc 