Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Prepare the income statement and the statement of owner's equity for the month of June, and the balance sheet as of June 30. Nina Niko

Prepare the income statement and the statement of owner's equity for the month of June, and the balance sheet as of June 30.
image text in transcribed
Nina Niko launched a new business, Niko's Maintenance Co., that began operations on June 1. The following transactions were completed by the company during that first month. June | Nina Niko invested $130,000 cash in the company. 2 The company rented a furnished office and paid $6,000 cash for June's rent. 4 The company purchased $2,400 of equipment on credit. 6 The company paid $1,150 cash for this month's advertising of the opening of the business. 8 The company completed maintenance services for a customer and immediately collected $850 cash. 14 The company completed $7,500 of maintenance services for City Center on credit. 16 The company paid $800 cash for an assistant's salary for the first half of the month. 20 The company received $7,500 cash payment for services completed for City Center on June 14. 21 The company completed $7,900 of maintenance services for Paula's Beauty Shop on credit. 24 The company completed $675 of maintenance services for Build-It Coop on credit. 25 The company received $7,900 cash payment from Paula's Beauty Shop for the work completed on June 21. 26 The company made payment of $2,400 cash for equipment purchased on June 4. 28 The company paid $800 cash for an assistant's salary for the second half of this month. 29 Nina Niko withdrew $4.000 cash from the company for personal use. 30 The company paid $150 cash for this month's telephone bill. 30 The company paid $890 cash for this month's utilities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

To prepare the financial statements for Nikos Maintenance Co we need to organize the transactions in... 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_2

Step: 3

blur-text-image_3

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

College Accounting, Chapters 1-27

Authors: James A. Heintz, Robert W. Parry

21st Edition

1285055411, 9781285055411

More Books

Students explore these related Accounting questions