Question
Laberge Sheathing Inc. began operations on January 1, 2015. The office manager, inexperienced in accounting, prepared the following statement for the business's most recent
Laberge Sheathing Inc. began operations on January 1, 2015. The office manager, inexperienced in accounting, prepared the following statement for the business's most recent month ended August 31, 2015. Required: Laberge Sheathing Inc. Financial Statement Month Ended August 31, 2015 Cash $400 Accounts payable $7,800 Accounts receivable 3,800 Common stock 3,200 Unused supplies 100 Service revenue 2,000 Equipment 8,700 Retained earnings 4,000 Advertising expense 300 Interest expense 500 Maintenance expense 475 Supplies used 125 Wages expense 2,600 $17,000 $17,000 1. Prepare an income statement and statement of stockholders' equity for the month ended August 31, 2015, and a balance sheet at August 31, 2015. No shares were issued in August.
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