Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On June 1, 2022, Sunland Company was started with an initial investment in the company of $24,750 cash. Here are the assets, liabilities, and common
On June 1, 2022, Sunland Company was started with an initial investment in the company of $24,750 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations:
$13,300 880 945 Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common stock $ 5,250 4,380 8,100 2,373 400 29,600 24,750 Notes payable Accounts payable Supplies expense Maintenance and repairs expense Utilities expense Salaries and wages expense 680 220 1,400 During June, the company issued no additional stock but paid dividends of $1,782. Prepare an income statement for the month of June. SUNLAND COMPANY Income Statement $ Prepare a retained earnings statement for the month of June. (List items that increase retained earnings first.) SUNLAND COMPANY Retained Earnings Statement Prepare a balance sheet at June 30, 2022. (List assets in order of liquidity.) SUNLAND COMPANY Balance Sheet Assets Liabilities and Stockholders' Equity $ $ $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started