I need help with Income Statement:

Instructions for financial statements

Using the company's accounting policies found in the policies and procedures popup, and appropriate 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.

After taking a physical count of inventory, the balance of inventory on hand as at June 30 is $61,738. You will need to use this information to calculate cost of goods sold under the periodic inventory system.

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.

Remember that the balance of inventory on hand as at June 30 is $61,738. You will need to use this information to complete the balance sheet.

You may not need to use all of the lines in the balance sheet.

Choco Holly Income Statement For the month ended June 30, 2019 (select INCOME Revenue Sales Revenue Sales Returns and Allowances Sales Discounts select) ( ( 52294 1981) 170 ) (select) select) 50143 Net sales revenue COST OF GOODS SOLD GROSS OPERATING EXPENSES Selling expenses select) select) select) select select) select) (select) select) select) (select) Total selling expenses General and administrative expenses (select) select) select select) select) select) (select) (select) select) select) Total general and administrative expenses TOTAL OPERATING EXPENSES A FROM OPERATIONS Other revenues select) select) Other expenses select) select) NET ChocoHolly Choco Holly Statement of Stockholders' Equity For the month ended June 30, 2019 70000 COMMON STOCK Opening balance, May 31, 2019 Issue of common stock Closing balance, June 30, 2019 RETAINED EARNINGS Opening balance, May 31, 2019 Net income for the period Dividend paid Closing balance, June 30, 2019 Choco Holly Balance Sheet June 30, 2019 ASSETS Current Assets (select) (select) (select) (select) (select) V, select) (select) (select) (select) Total Current Assets Property, plant and Equipment (select) (select) (select) T (select) (select) (select) (select) (select) (select) Total Property, Plant and Equipment T TOTAL ASSETS LIABILITIES Current Liabilities (select) (select) (select) (select) select) (select) (select) (select) (select) Total Current Liabilities Long-term Liabilities (select) (select) (select) (select) (select) (select) (select) (select) (select) TOTAL LIABILITIES STOCKHOLDERS' EQUITY (select) (select) (select) Retained Earnings TOTAL EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Choco Holly Income Statement For the month ended June 30, 2019 (select INCOME Revenue Sales Revenue Sales Returns and Allowances Sales Discounts select) ( ( 52294 1981) 170 ) (select) select) 50143 Net sales revenue COST OF GOODS SOLD GROSS OPERATING EXPENSES Selling expenses select) select) select) select select) select) (select) select) select) (select) Total selling expenses General and administrative expenses (select) select) select select) select) select) (select) (select) select) select) Total general and administrative expenses TOTAL OPERATING EXPENSES A FROM OPERATIONS Other revenues select) select) Other expenses select) select) NET ChocoHolly Choco Holly Statement of Stockholders' Equity For the month ended June 30, 2019 70000 COMMON STOCK Opening balance, May 31, 2019 Issue of common stock Closing balance, June 30, 2019 RETAINED EARNINGS Opening balance, May 31, 2019 Net income for the period Dividend paid Closing balance, June 30, 2019 Choco Holly Balance Sheet June 30, 2019 ASSETS Current Assets (select) (select) (select) (select) (select) V, select) (select) (select) (select) Total Current Assets Property, plant and Equipment (select) (select) (select) T (select) (select) (select) (select) (select) (select) Total Property, Plant and Equipment T TOTAL ASSETS LIABILITIES Current Liabilities (select) (select) (select) (select) select) (select) (select) (select) (select) Total Current Liabilities Long-term Liabilities (select) (select) (select) (select) (select) (select) (select) (select) (select) TOTAL LIABILITIES STOCKHOLDERS' EQUITY (select) (select) (select) Retained Earnings TOTAL EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY