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CSI Pty Ltd was started on 1 May with an investment of $45,000 cash. Here are the assets and liabilities of the company on 31
CSI Pty Ltd was started on 1 May with an investment of $45,000 cash. Here are the assets and liabilities of the company on 31 May 2018, and the revenues and expenses for the month of May, its first month of operations. Cash $7,800 Bank loan $30,000 Accounts 11,400 Rent expense 1,500 receivable Maintenance and Equipment 60,000 500 repairs expense Service revenue 10,000 Fuel expense 3,400 Advertising Insurance 900 400 expense expense Accounts payable 2,400 No further shares were issued in May, but a dividend of $1,500 in cash was paid. Required Complete an income statement and a retained earnings statement for the month of May and a balance sheet as at 31 May 2018. (List assets in order of liquidity.) CSI PTY LTD Income statement For the month ended 31 May, 2018 E Income statement For the month ended 31 May, 2018 SA S ENG (List items that increase retained earnings first.) CSI PTY LTD Calculation of retained earnings For the month ended 31 May 2018 +A $ $ +A (List items that increase retained earnings first.) CSI PTY LTD Calculation of retained earnings For the month ended 31 May 2018 $ EA SA $ > CSI PTY LTD Balance sheet as at 31 May 2018 Assets Liabilities and equity $ SA ENG Liabilities and equity $
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