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On June 1, 2017, Vaughn Manufacturing was started with an initial investment in the company of $22,410 cash. Here are the assets, liabilities, and common

On June 1, 2017, Vaughn Manufacturing was started with an initial investment in the company of $22,410 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:

Cash $ 5,420 Notes payable $13,640
Accounts receivable 4,470 Accounts payable 970
Service revenue 8,320 Supplies expense 1,080
Supplies 2,320 Maintenance and repairs expense 680
Advertising expense 400 Utilities expense 220
Equipment 26,820 Salaries and wages expense 2,220
Common stock 22,410

In June, the company issued no additional stock but paid dividends of $1,710.

Prepare an income statement for the month of June.

Vaughn Manufacturing Income Statement

image text in transcribed For the Month Ended June 30, 2017For the Year Ended June 30, 2017June 30, 2017

image text in transcribed DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues

image text in transcribed

$

image text in transcribed

image text in transcribed DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues

image text in transcribed

$

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed Dividends Expenses Net Income / (Loss) Retained Earnings, June 1 Retained Earnings, June 30 Revenues Total Expenses Total Revenues

image text in transcribed

image text in transcribed DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues

$

image text in transcribed

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