Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 1-3A (Part Level Submission) On June 1, Cindy Godfrey started Divine Designs Co, a company that provides craft opportunities, by investing $13,090 cash in

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Problem 1-3A (Part Level Submission) On June 1, Cindy Godfrey started Divine Designs Co, a company that provides craft opportunities, by investing $13,090 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. $11,000 Service Revenue Cash Accounts Receivable Supplies Equipment Notes Payable Accounts Payable $7,400 600 1,600 220 170 3,400 Advertising Expense 2,000 Rent Expense 11,000 Gasoline Expense 9,500 Utilities Expense 1,100 Cindy made no additional investment in June but withdrew $1,100 in cash for personal use during the month. (al) Prepare an income statement for the month of June. DIVINE DESIGNS CO Income 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

Accountants Guide To Fraud Detection And Control

Authors: Howard R. Davia, Patrick C. Coggins, John C. Wideman, Joseph T. Kastantin

2nd Edition

0471353787, 9780471353782

More Books

Students also viewed these Accounting questions

Question

What is meant by planning or define planning?

Answered: 1 week ago

Question

Define span of management or define span of control ?

Answered: 1 week ago

Question

What is meant by formal organisation ?

Answered: 1 week ago

Question

What is meant by staff authority ?

Answered: 1 week ago