Scenario:On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:

Cash

$ 4,300

Notes payable

$12,000

Accounts receivable

4,500

Accounts payable

500

Service revenue

8,000

Supplies expense

1,000

Supplies Inventory

2,400

Maintenance and repairs expense

900

Advertising expense

400

Utilities expense

300

Equipment

26,000

Salaries and wages expense

1,400

Common stock

22,100

In June, the company issues no additional stock but paid dividends of $1,400.

Preparean income statement, retained earnings statement, and balance sheet using the Week 1 Excel Spreadsheet provided in the Student materials.

Week 1 Assignment Prepare an income statement, retained earnings statement and balance sheet; dis On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cas Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues expenses for the month of June, its first month of operations: Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common Stock $4,300 4,500 8,000 2,400 400 26,000 22,100 In June, the company issued no additional stock but paid dividends of $1,400. Instructions (a) Prepare an income statement and retained earnings statement for the month of June and a balan at June 30, 2017 using this excel template. Please utilize formulas when possible. (b) Submit your written analysis in a separate document per the assignment instructions. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells wi (a) ELITE SERVICE CO. Income Statement For the Month Ended June 30, 2017 Revenues Service revenue Expenses Salaries and wages expense Supplies expense Maintenance and repairs expense Advertising expense Utilities expense Total expenses Net income Value Value Value Value Value Value ELITE SERVICE CO. Retained Earnings Statement For the Month Ended June 30, 2017 Retained earnings, June 1 Add: Net income ? ? Value Value ? Less: Dividends Retained earnings, June 30 Value ? ELITE SERVICE CO. Balance Sheet June 30, 2017 Assets Cash Accounts receivable Supplies Equipment Total assets Value Value Value Value ? Liabilities and Stockholders' Equity Liabilities Accounts payable Notes payable Total liabilities Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity Value Value ? Value Value Value ? arnings statement and balance sheet; discuss results vestment in the company of $22,100 cash. any at June 30, 2017, and the revenues and Notes payable Accounts payable Supplies expense Maintenance and repairs expense Utilities expense Salaries and wages expense ends of $1,400. ement for the month of June and a balance sheet e formulas when possible. the assignment instructions. ther a number or a formula in cells with a "?" . $12,000 500 1,000 900 300 1,400