Preparing an Income Statement, Retained Earnings Statement, and Balance Sheet

psc4751993

Main
Similar Questions

Home >Homework Answsers >Business & Finance homework help >Accounting homework help

Looking for real, and original work.

maybe you could do the full syllabus, and

we can build a great relationship.

please respond with the price you are gonna charge to do this assignment and

how much to do the syllabus.

Thanks

NEED IN 2 HOURS

Preparing an Income Statement, Retained Earnings Statement, and Balance Sheet

- Due Aug , 5:59 PM
- Not Submitted
- POINTS 9
Practice/Simulation/Homework/Game
no new messages

Objectives:

Instructions
Assignment Files
Grading

Purpose of Assignment

The purpose of this assignment is to help students become familiar with the presentation of the income statement and the retained earnings statement, including how parts of the financial statement is evaluated to determine the operational success of the business.

Assignment Steps

Resources: Financial Accounting: Tools for Business Decision Making, p. 36

Scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:

Cash	$ 4,600	Notes payable	$12,000
Accounts receivable	4,000	Accounts payable	500
Service revenue	7,500	Supplies expense	1,000
Supplies	2,400	Maintenance and repairs expense	600
Advertising expense	400	Utilities expense	300
Equipment	26,000	Salaries and wages expense	1,400
Common stock	22,100

In June, the company issues no additional stock but paid dividends of $1,400.

Prepare an income statement, retained earnings statement, and balance sheet analyzing your findings using the questions below, in a total of 1,050 words: