Financial statements You are now asked to prepare the following financial statements: Income statement. This statement is prepared to help assess the financial performance of the business. It summarizes the revenues earned and expenses incurred over the month of June. Statement of stockholders' equity. This statement shows the movements in equity over the month of June. Balance sheet. This statement reports the financial position of the business at the end of June. It presents the assets, liabilities and equity of the business as at June 30, 2019. Instructions for financial statements popup, and appropriate Using the company's accounting policies found in the policies and procedures information from previous pages of the practice set: 1) Prepare an income statement for the month of June. To begin, select the appropriate accounts using a popup link. Note that when you select an account, brackets may automatically appear around the input box in which you are asked to enter the balance of the account. Next, enter all values as positive amounts because amounts to be subtracted are indicated on the income statement with brackets around the input box. To complete the income statement, you are required to select items from drop-down lists. Brackets will be displayed if you select loss. You may not need to use all of the lines in the income statement. 2) Prepare a statement of stockholders' equity for the month of June. Most values are to be entered in the input boxes as positive amounts, because amounts to be subtracted are already indicated on the statement with brackets around the input box. Note that you are required to select income/loss from a drop-down list. Brackets will be displayed if you select loss. 3) Prepare a balance sheet as at the end of June. To begin, select the appropriate accounts using a popup link. Note that when you select an account, brackets may automatically appear around the input box in which you are asked to enter the balance of the account. Next, enter all values as positive amounts because amounts to be subtracted will be indicated on the balance sheet with brackets around the input box. You may not need to use all of the lines in the balance sheet. Back-On-Track functionality 28 Please note that any answers from previous pages carried through onto this page (either on the page or in a nonuin information nane have been reset. if necessary to the correct anmere. Vour articular Worksheet For the month ended June 30, 2019 Adjustments Balance Sheet Acct. No. Account Name Unadjusted Trial Balance Debit Credit 231,076 Income Statement Debit Credit Debit Credit Credit Debit 231,076 Cash 23.000 102 Short-term Investments 112 Interest Receivable 23.000 Adjusted Trial Balance Debit Credit 231076 23.000 115 95 221 27,380 115 110 ARC - Accounts Receivable Control 95,227 95,227 27,380 27,380 120 Merchandise Inventory 130 Office Supplies 2,847 140 Prepaid Rent 3.000 2,000 2.021 1,000 2.000 3,000 1.000 141 Prepaid Advertising 142 Prepaid Insurance 150 Office Furniture 2,021 1.000 2,000 2,160 9,000 2.160 2,700 9,000 9,000 1.600 1.733 50 000 50.000 151 Accum Depnotice Furniture 150 Omice Equipment 161 Accum Depn Office Equipment APC - Accounts Payable Control 21324 21.759 21.759 210 5,460 5.460 220 Wages Payable 2.400 2.480 2.480 475 221 Electricity Payable 222 Water Payable 117 32 225 Interest Payable 295 240 Sales Tax Payable 23,035 23.035 59.000 250 Bank Loan Payable 300 Common Stock 301 Refined a s 59,000 45.000 23,035 59.000 45.000 202.570 45.000 202570 202 570 400 Sales Revenue 236.380 236.380 236.350 400 Sales Revenue 25.90 236,380 236,380 403 Interest Revenue 127 940 127,940 127,940 1.000 1.000 1,000 14221 2,480 16.701 16.701 500 Cost of Goods Sold 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 2000 2.000 117 543 Insurance Expense 540 544 Office Supplies Expense 824 326 5,700 545 Salary Expense 5,700 5,700 133 435 435 560 Depn Expense: Omice Furniture 561 DepnExpense: Office Equipment 571 Interest Expense 572 Admin Expense Bank Charges Totals 295 295 295 595,102 596,102 8,354 8,354 599,090 599,090 156,111237,061 442,979 362,029 30 950 Net income or loss Totals 30,950 237,061 237,061 442,979 442,979 spille yleis Income Statement For the month ended June 30, 2019 INCOME Revenue Sales Revenue select) | 236380 select) select) select) Net sales revenue COST OF GOODS SOLD GROSS OPERATING EXPENSES Selling expenses select) select) Wages Expense ( ) select select select) select select select Salary Expense 'select) ( ) select) select) Total selling expenses General and administrative expenses Rent Expense select) Insurance Expense (select) Advertising Expense select) Office Supplies Expense Electricity Expense select) Water Expense select) ) ) select) ) select) select) - select) he Total general and administrative expenses TOTAL OPERATING EXPENSES INCOME FROM OPERATIONS Other revenues Interest Revenue select) Other expenses Interest Expense select liselect (select) NET INCOME Spine Tinglers Statement of Stockholders' Equity For the month ended June 30, 2019 COMMON STOCK Opening balance, May 31, 2019 | 45000 Issue of common stock Closing balance, June 30, 2019 45000 RETAINED EARNINGS Opening balance, May 31, 2019 Net for the period 202570 Dividend paid Closing balance. June 30, 2019 ASSETS Current Assets select) 'select) select) select) select) select select) Total Current Assets Property, Plant and Equipment select select select Total Property, Plant and Equipment TOTAL ASSETS LIABILITIES Current Liabilities (select) 1 select) 1 1 1 LLLLL 1 II select) select) select) select) select) select) select) 1 1 1 Total Current Liabilities Long-term Liabilities select) select) select) L LLLLLLLLL select select (select) select) select (select TOTAL LIABILITIES Long term Liabilities select) select) select) select) select) select) select) select) TOTAL LIABILITIES STOCKHOLDERS' EQUITY select) select) select) Retained Earnings TOTAL EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY