Hermesch Window Washing Inc. was started on May 1. Here is a summary of the May transactions.
Question:
Hermesch Window Washing Inc. was started on May 1. Here is a summary of the May transactions.
1. Stockholders invested $20,000 cash in the company in exchange for common stock.
2. Purchased equipment for $7,000 cash.
3. Paid $700 cash for May office rent.
4. Paid $400 cash for supplies.
5. Purchased $750 of advertising in the Beacon News on account.
6. Received $5,800 in cash from customers for service.
7. Paid a $500 cash dividend.
8. Paid part-time employee salaries $1,700.
9. Paid utility bills $140.
10. Provided service on account to customers $1,000.
11. Collected cash of $240 for services billed in transaction (10).
Instructions
(a) Prepare a tabular analysis of the transactions using these column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Common Stock, and Retained Earnings (with separate columns for Revenues, Expenses, and Dividends). Revenue is called Service Revenue. Include margin explanations for any changes in Retained Earnings.
(b) From an analysis of the Retained Earnings columns, compute the net income or net loss for May.
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a b Service Revenue 5800 1000 6800 Expenses Salaries Expense 1700 Advert...View the full answer
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