QuestionD

Prepare a Statement of Income for the month ended June 30, 2020, for the Minneapolis AI Coporation.

Problem 2 - preparing a trial balance and a statement of income The financial transactions of Minneapolis AI Corporation (referred to as the Corporation) for the month of June, 2020, their first month of operations, are as follows: On June 1, 2020, the Corporation received $25,000 cash from its stockholders and gave common stock to the stockholders. On June 5, the Corporation rendered services to three clients on account with total revenues earned of $9,000. On June 10, the Corporation then incurred an advertising expense on four different websites and promised to pay a total of $1,200 at a later date. On June 13, the Corporation purchased $1,000 worth of office supplies for cash. (the supplies are not used by June 30.) On June 22, the Corporation received $2,000 on account from a client and deposited it into the business account On June 23, the Corporation paid $1,300 for a salary expense. On June 30, the Corporation made a payment of $500 to one of the websites that it owed for advertising provided earlier in the month. No dividends were paid during the month. 6 8 Minneapolis Al Corporation