E1-24A. (Learning Objective 3, 4: Preparing an Income Statement and a statement of changes in equity) Assume Fast Copy Center ended the month of July 20X6 with this data:

Requirement 1. Prepare the Income Statement and the Statement of Changes in Equity of Fast Copy Center, for the month ended July 31, 20X6.

Transcribed Image Text:

Payments of cash: Acquisition of equipment. $480,000 Cash balance, June 30, 20X6..... $ Dividends. Retained earnings June 30, 20X6. 4,200 Cash balance, July 31, 20X6....... 0 10,000 Cash receipts: 0 Issuance of shares Retained earnings July 31, 20X6... Utilities expense. to owners 69,500 2 Rent expense. 2,300 12,000 Share capital.. 69,500 Adjustments to reconcile Equipment.. 41,000 net income to net cash Office supplies. 13,700 provided by operations............ 2,300 Accounts payable. 16,000 Salary expense.... 168,000 Service revenue.. 604,500