income statement

Check my work mode : This shows what i s correct or incorrect for the work you have completed so far. It does not indicate completion. Return to ques GLO205- Based on Problem 2-2A Aracel Engineering Aracel Engineering completed the following transactions in the month of June. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Jun 1 Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and $60,000 of drafting equipment to launch the company in exchange for common stock 2 The company purchased land worth $49,000 for an office by paying $6,30e cash and signing a long-term note payable for $42,700. 3 The company purchased a portable building with $55,000 cash and noved it onto the land acquired on June 21 Jun. Jun Jun. 4 The company paid $3,000 cash for the premium on an 18-month insurance policy. Jun. 5 The company completed and delivered a set of plans for a client and collected $6,200 cash Jun. 6 The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $10,500. 7 The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days Jun. Jun. 8 The company purchased $1,15e of additional office equipment on credit. Jun. 9 The company conpleted engineering services for $22,000 on credit. Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,333 rent cost must be paid within 30 days. Jun. 12 The company collected $7,000 cash in partial payment from the client described billed on June 9. Jun. 14 The company paid $1,200 cash for wages to a drafting assistant. Jun. 17 The company paid $1,150 cash to settle the account payable created in on June 8. Jun, 20 The company paid $925 cash for minor maintenance of its drafting equipment Jun. 23 The company paid $9,480 cash in dividends. Jun. 28 The company paid $1,200 cash for wages to a drafting assistant. Jun. 29 The company paid $2,500 cash for advertisenents on the web during June. Answer is not complete. General Journal General Ledger Income Statement St Retained Earnings Impact on Equity Requirement Trial Balance Balance Sheet The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you must have one or more journal entries that are out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less a ARACEL ENGINEERING Trial Balance June 29, 2017 Prev 5 of 5 Next not indicate completion. Retur Jun. 23 The company paid $9,480 cash in dividends. Jun. 28 The company paid $1,200 cash for wages to a drafting assistant. Jun. 29 The company paid $2,580 cash for advertisenents on the web during June. Answer is not complete. General Journal General Income Statement St Retained Earnings Impact on Trial Balance Requirement Balance Sheet Ledger Equity The income statement reports the change in equity attributable to the operation of the business during a specific period of time. Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate. Did the company report net income or net loss during the current month? Show less& ARACEL ENGINEERING Income Statement For Month Ended June 30, 2017 St Retained Earnings Trial Balance Check my work mode : This shows what i s correct or incorrect for the work you have completed so far. It does not indicate completion. Return to ques GLO205- Based on Problem 2-2A Aracel Engineering Aracel Engineering completed the following transactions in the month of June. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Jun 1 Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and $60,000 of drafting equipment to launch the company in exchange for common stock 2 The company purchased land worth $49,000 for an office by paying $6,30e cash and signing a long-term note payable for $42,700. 3 The company purchased a portable building with $55,000 cash and noved it onto the land acquired on June 21 Jun. Jun Jun. 4 The company paid $3,000 cash for the premium on an 18-month insurance policy. Jun. 5 The company completed and delivered a set of plans for a client and collected $6,200 cash Jun. 6 The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $10,500. 7 The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days Jun. Jun. 8 The company purchased $1,15e of additional office equipment on credit. Jun. 9 The company conpleted engineering services for $22,000 on credit. Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,333 rent cost must be paid within 30 days. Jun. 12 The company collected $7,000 cash in partial payment from the client described billed on June 9. Jun. 14 The company paid $1,200 cash for wages to a drafting assistant. Jun. 17 The company paid $1,150 cash to settle the account payable created in on June 8. Jun, 20 The company paid $925 cash for minor maintenance of its drafting equipment Jun. 23 The company paid $9,480 cash in dividends. Jun. 28 The company paid $1,200 cash for wages to a drafting assistant. Jun. 29 The company paid $2,500 cash for advertisenents on the web during June. Answer is not complete. General Journal General Ledger Income Statement St Retained Earnings Impact on Equity Requirement Trial Balance Balance Sheet The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you must have one or more journal entries that are out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less a ARACEL ENGINEERING Trial Balance June 29, 2017 Prev 5 of 5 Next not indicate completion. Retur Jun. 23 The company paid $9,480 cash in dividends. Jun. 28 The company paid $1,200 cash for wages to a drafting assistant. Jun. 29 The company paid $2,580 cash for advertisenents on the web during June. Answer is not complete. General Journal General Income Statement St Retained Earnings Impact on Trial Balance Requirement Balance Sheet Ledger Equity The income statement reports the change in equity attributable to the operation of the business during a specific period of time. Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate. Did the company report net income or net loss during the current month? Show less& ARACEL ENGINEERING Income Statement For Month Ended June 30, 2017 St Retained Earnings Trial Balance