Assume a Croyden Copy Center ended the month of July 2013 with these data:

Requirement
1. Prepare the income statement and the statement of retained earnings of Croyden Copy Center, Inc., for the month ended July 31,2013.

Transcribed Image Text:

Payments of cash: Acquisition of equipment. $410,000 Cash balance, July 1, 2013.... S 0 Dividends July 1, 201:3 July 31, 2013 Cash balance, July 31, 2013 Cash receipts: 4,800 11,100 Retained earnings Retained earnings Utilities expense Issuance (sale) of stock Rent expense Equipment 0 48,800 2,500 48,800 410,000 Office supplies 14,800 provided by operations....2,500 Accounts payable.17,300 ue...544,600 to owners 10,500 Adjustments to reconcile net income to net cash Salary expense 157,000 Service revenue