Problem 1-3

On June 1, 2017, Coronado Industries was started with an initial investment in the company of $22,360 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:

Cash		$ 4,890		Notes payable		$12,580
Accounts receivable		4,360		Accounts payable		860
Service revenue		7,790		Supplies expense		1,040
Supplies		2,360		Maintenance and repairs expense		640
Advertising expense		400		Utilities expense		260
Equipment		26,290		Salaries and wages expense		1,690
Common stock		22,360

In June, the company issued no additional stock but paid dividends of $1,660.

Prepare a balance sheet at June 30, 2017. (List assets in order of liquidity.) Coronado Industries Balance Sheet Assets Liabilities and Stockholders' Equity