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I need help...Balance sheet is not Balancing up ...and I am not sure if the retained earnings are right or not ....but rest of them
I need help...Balance sheet is not Balancing up ...and I am not sure if the retained earnings are right or not ....but rest of them are right
MSWT Inc Income Statement Month Ended June 30, 2018 Liabilities+Shareholders'equity AP Trans Cash Cshares RE 1,3001,000 12,000 8,000 4,000 2,300 Revenues 1 6,800 2 3,700 3 (2,800) Revenue from service performed for a client Revenue from Consulted on the design of business Total Revenues Expenses Advertising Expenses Paid Office Rent Paid Supplies Expenses 5300 3,700 9500 200 5(960) 8,200 1300 (2,000) (500) 200 7,4608,240 27,900 200 12,000 5,400 10,8011,00Total Expenses 27,900 Net income 7300 MSWT Inc Balance Sheet June30, 2018 MSWT Inc Statement of Retained Earnings Month Ended June 30, 2018 During lune 2018, the business completed these transactions 1) Received cash of $6800 and issued comman shares 2) Performed services for a client and received cash of $3700 Paid $2800 on accounts payable 4) Purchased supplies on account, $200 5) Collected cash from customer on account. SS60. 5) Consulted en the design of a business report, and biled the client for services Retained earnings, June 1, 2018 Add: Net income for the month Subtotal Less: Dividends declared Retained earnings, June 30, 2018 460 Accounts payable 8240 Shareholder's Equity 5400 Accounts recetvable office supplies 7300 9600 500 9100 200 Common shares 12000 Retained earnings Total shareholders' equity Total liabelities and shareholders'equity 25300 rendered, $8200. Recorded the following business expenses for the month advertiing $1300. paid office refit, S700, paid Total assets B) Dedlared and paid a cash dividend of $500Step by Step Solution
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