Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me for details: P1.4A (LO 4, 5), AP Nancy Tercek started a delivery service, Tercek Deliveries, on June 1,2022 . The following transactions

Please help me for details:

image text in transcribed

P1.4A (LO 4, 5), AP Nancy Tercek started a delivery service, Tercek Deliveries, on June 1,2022 . The following transactions occurred during the month of June. June 1 Stockholders invested $10,000 cash in the business in exchange for common stock. 2 Purchased a used van for deliveries for $14,000. Nancy paid $2,000 cash and signed a note payable for the remaining balance. 3 Paid $500 for office rent for the month. 5 Performed $4,800 of services on account. 9 Declared and paid $300 in cash dividends. 12 Purchased supplies for $150 on account. 15 Received a cash payment of $1,25 o for services performed on June 5 . 17 Purchased gasoline for $100 on account. 20 Received $1,500 cash for services performed. 23 Made a cash payment of $500 on the note payable. 26 Paid $250 for utilities. 29 Paid for the gasoline purchased on account on June 17. 30 Paid $1,000 for employee salaries. Instructions Include margin explanations for any changes in stockholders' equity in your analysis. a. Total assets $25,800 b. Prepare an income statement for the month of June. b. Net income $4,450 c. Prepare a balance sheet at June 30,2022 . c. Cash $8,100 Determine financial statement amounts and prepare retained earnings statement

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Concepts For A Changing Environment With IDEA Software

Authors: Larry E. Rittenberg, Bradley J. Schwieger

4th Edition

0387321500, 978-0324180237

More Books

Students also viewed these Accounting questions