SuperGym Inc. operates a gymnasium and receives its revenue by providing gym services to members. The following represents the fully adjusted trial balance of SuperGym Inc. at March 31, 2024 before the closing entries for the quarter ended March 31, 2024: Accounts receivable Accounts payable Accumulated depreciation: Equipment Administrative expenses Bank loan payable (due September 2024) Cash Contributed capital Deferred revenue (services to be delivered in 2024) Depreciation expense Equipment Income tax expense Interest expenses Long-term investments Note payable (due February 2028) Prepaid expenses Rental expenses Retained earnings Sales revenue Selling expenses Supplies Utility expenses Wage expenses Total Debit $40,000 12,000 60,000 10,000 500,000 50,000 21,000 190,000 35,000 30,000 Credit 45,000 50,000 80,000 80,000* 50,000 180,000 122,000** 701,000 30,000 30,000*** 60,000 240,000 1,308,000 1,308,000 * During the year, $40,000 of shares were issued. There were no share repurchases. **Opening retained earnings were $128,000. Dividends declared and paid during the year were $6,000. *** Represents the amount of supplies on hand at the end of March 31, 2024. Required 1. Prepare a Classified Statement of Earnings for the quarter ended March 31, 2024. 2. Prepare a Statement of Changes in Shareholder's Equity for the quarter ended March 31, 2024. 3. Prepare a Classified Statement of Financial Position as at March 31, 2024. Proper format is required.
SuperGym Inc. operates a gymnasium and receives its revenue by providing gym services to members. The following represents the fully adjusted trial balance of SuperGym Inc. at March 31, 2024 before the closing entries for the quarter ended March 31, 2024: Accounts receivable Accounts payable Accumulated depreciation: Equipment Administrative expenses Bank loan payable (due September 2024) Cash Contributed capital Deferred revenue (services to be delivered in 2024) Depreciation expense Equipment Income tax expense Interest expenses Long-term investments Note payable (due February 2028) Prepaid expenses Rental expenses Retained earnings Sales revenue Selling expenses Supplies Utility expenses Wage expenses Total Debit $40,000 12,000 60,000 10,000 500,000 50,000 21,000 190,000 35,000 30,000 Credit 45,000 50,000 80,000 80,000* 50,000 180,000 122,000** 701,000 30,000 30,000*** 60,000 240,000 1,308,000 1,308,000 * During the year, $40,000 of shares were issued. There were no share repurchases. **Opening retained earnings were $128,000. Dividends declared and paid during the year were $6,000. *** Represents the amount of supplies on hand at the end of March 31, 2024. Required 1. Prepare a Classified Statement of Earnings for the quarter ended March 31, 2024. 2. Prepare a Statement of Changes in Shareholder's Equity for the quarter ended March 31, 2024. 3. Prepare a Classified Statement of Financial Position as at March 31, 2024. Proper format is required.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter3: The Adjusting Process
Section: Chapter Questions
Problem 5PB: Reece Financial Services Co., which specializes in appliance repair services, is owned and operated...
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Transcribed Image Text:SuperGym Inc. operates a gymnasium and receives its revenue by providing gym services to members.
The following represents the fully adjusted trial balance of SuperGym Inc. at March 31, 2024 before the
closing entries for the quarter ended March 31, 2024:
Accounts receivable
Accounts payable
Accumulated depreciation: Equipment
Administrative expenses
Bank loan payable (due September 2024)
Cash
Contributed capital
Deferred revenue (services to be delivered in 2024)
Depreciation expense
Equipment
Income tax expense
Interest expenses
Long-term investments
Note payable (due February 2028)
Prepaid expenses
Rental expenses
Retained earnings
Sales revenue
Selling expenses
Supplies
Utility expenses
Wage expenses
Total
Debit
$40,000
12,000
60,000
10,000
500,000
50,000
21,000
190,000
35,000
30,000
Credit
45,000
50,000
80,000
80,000*
50,000
180,000
122,000**
701,000
30,000
30,000***
60,000
240,000
1,308,000 1,308,000
* During the year, $40,000 of shares were issued. There were no share repurchases.
**Opening retained earnings were $128,000. Dividends declared and paid during the year were $6,000.
*** Represents the amount of supplies on hand at the end of March 31, 2024.
Required
1. Prepare a Classified Statement of Earnings for the quarter ended March 31, 2024.
2. Prepare a Statement of Changes in Shareholder's Equity for the quarter ended March 31, 2024.
3. Prepare a Classified Statement of Financial Position as at March 31, 2024.
Proper format is required.
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