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 th

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:                            
                            
Briefly address whether the company's first month of operations was a success.                            
Discuss the company's decision to distribute a dividend.                            
                            
Use the Excel® spreadsheet to show your work and submit it with your analysis.                            
                            
Click the Assignment Files tab to submit your assignment.