Question
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 For the Month Ended June 30, 2017For the Year Ended June 30, 2017June 30, 2017 | ||
DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues | ||
$ | ||
DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues | ||
$ | ||
Dividends Expenses Net Income / (Loss) Retained Earnings, June 1 Retained Earnings, June 30 Revenues Total Expenses Total Revenues | ||
DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues | $ |
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