Question
On June 1, Kimberly Young started Crane Designs Co., a company that provides craft opportunities, by investing $13,850 cash in the business. Following are the
On June 1, Kimberly Young started Crane Designs Co., a company that provides craft opportunities, by investing $13,850 cash in the business. Following are the assets and liabilities of the company at June 30 and the revenues and expenses for the month of June.
Cash | $11,000 | Service Revenue | $7,200 | |||
---|---|---|---|---|---|---|
Accounts Receivable | 2,800 | Advertising Expense | 500 | |||
Supplies | 2,500 | Rent Expense | 1,400 | |||
Equipment | 11,000 | Gasoline Expense | 250 | |||
Notes Payable | 9,000 | Utilities Expense | 200 | |||
Accounts Payable | 1,100 |
Kimberly made no additional investment in June but withdrew $1,500 in cash for personal use during the month.
Prepare an income statement for June assuming the following data are not included above: (1) $700 of services were performed and billed but not collected at June 30, and (2) $100 of gasoline expense was incurred but not paid.
CRANE DESIGNS CO. Income Statement choose the accounting period June 30, 2022For the Month Ended June 30, 2022For the Year Ended June 30, 2022 | ||
---|---|---|
select an opening name for section one DrawingsExpensesNet Income / (Loss)Owners Capital, June 1Owners Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments | ||
enter an income statement item | $enter a dollar amount | |
select an opening name for section two DrawingsExpensesNet Income / (Loss)Owners Capital, June 1Owners Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments | ||
enter an income statement item | $enter a dollar amount | |
enter an income statement item | enter a dollar amount | |
enter an income statement item | enter a dollar amount | |
enter an income statement item | enter a dollar amount | |
select a closing name for section two DrawingsExpensesNet Income / (Loss)Owners Capital, June 1Owners Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments | enter a total amount for section two | |
select a closing name for this statement DrawingsExpensesNet Income / (Loss)Owners Capital, June 1Owners Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments | $enter a total net income or loss amount |
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