Answered step by step
Verified Expert Solution
Question
1 Approved Answer
P1-3B On June 1, Alexia Rios started Crazy Creations Co., a company that provides craft opportunities, by investing $12,000 cash in the business. Following are
P1-3B On June 1, Alexia Rios started Crazy Creations Co., a company that provides craft opportunities, by investing $12,000 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. $10,150 Notes Payable $9,000 Cash 3,000 Accounts Payable 1,200 Accounts Receivable 1,600 Service Revenue 6,700 Supplies Expense 200 2,000 Gasoline Expense Supplies 150 500 Utilities Expense Advertising Expense Equipment 10,000 Alexia made no additional investment in June but withdrew $1,300 in cash for personal month. use during the Instructions (a) Prepare an income statement and owner's equity statement for the month of June and a balance sheet at June 30, 2012. (b) Prepare an income statement and owner's equity statement for June assuming the following data are not included above: (1) $900 of revenue was earned and billed but not collected at June 30, and (2) $150 of gasoline expense was incurred but not paid
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