Guy McKinley Started the McKinley Charter Service at the Beginning

question 98

Essay

Guy McKinley started the McKinley Charter Service at the beginning of August 2019. On August 31, 2019, the accounting records of the business showed the following information. Prepare an income statement and a statement of owner's equity for the month and a balance sheet as of August 31, 2019.
$\begin{array}{|l|r|r|r|}\hline \text { Equipment } & \$ 18,000 & \text { Rent Expense } & \$ 4,800 \\\hline \text { Accounts Receivable } & 2,600 & \text { Cash } & 6,200 \\\hline \text { Fees Income } & 30,000 & \text { Salaries Expense } & 10,800 \\\hline \text { Boats } & 103,000 & \text { Utilities Expense } & 1,900 \\\hline \text { Gasoline Expense } & 7,500 & \text { Supplies } & 3,600 \\\hline \text { Loans Payable } & 77,500 & \text { Initial Investment } & 51,000 \\\hline \text { Owners' Withdrawal } & 4,100 & \text { Accounts Payable } & 4,000\\\hline\end{array}$

---

Definitions:

Apoptosis

A process of programmed cell death that occurs in multicellular organisms, helping to maintain health by eliminating old, unnecessary, or unhealthy cells.

P53 Gene

A tumor suppressor gene crucial for controlling cell division and preventing cancer development.

Anaerobic Respiration

A form of cellular respiration occurring without oxygen, generating energy by breaking down glucose through processes like fermentation.

Integral Protein

Proteins that are permanently anchored or part of a cell membrane and are crucial for various cellular processes.