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On June 1, 2025, Wildhorse Service Co. was started with an initial investment in the company of $19,750 cash. Here are the assets. liabilities,
On June 1, 2025, Wildhorse Service Co. was started with an initial investment in the company of $19,750 cash. Here are the assets. liabilities, and common stock of the company at June 30, 2025, and the revenues and expenses for the month of June, its first month of operations: Cash $4,960 Notes payable $12,720 Accounts receivable 4,340 Accounts payable 840 Service revenue 7,900 Supplies expense 860 Supplies 2,291 Maintenance and repairs expense 700 Advertising expense 400 Utilities expense 200 Equipment 24,800 Salaries and wages expense 1,000 Common stock 19,750 During June, the company issued no additional stock but paid dividends of $1,659. (a1) Prepare an income statement for the month of June. WILDHORSE SERVICE CO. Income Statement 10 $
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