Transactions Financial Statements D'Lite Dry Cleaners is owned and operated by Joel Palk A building and equipment are currently being rented, pending expansion to new facilities The actual work of dry cleaning is done by another company at wholesale rates Theassets,liabilities, and common stock of thebusinesson July 1, 2018, are as follows Cash, $15,330 Accounts Receivable, $41,390 Supplies, $2,920 Land, $36,500 Accounts payable, $13,140 Common Stock, $10,000 Business transactionsduring July are summarized as follows Joel Palk invested additional cash in exchange for common stock with a deposit of $28,000 in the business bank account Paid $13,800 for the purchase of land adjacent to land currently owned by D'Lite Dry Cleaners as a future building site Received cash from customers for dry cleaning revenue, $16,790 Paid rent for the month, $5,040 Purchased supplies on account, $2,350 Paid creditors on account, $12,420 Charged customers for dry cleaning revenue on account, $33,580 Received monthly invoice for dry cleaning expense for July (to be paid on August 10), $13,430 Paid the following wages expense, $7,390 truck expense, $2,690 utilities expense, $2,850 miscellaneous expense, $1,280 Received cash from customers on account, $26,860 Determined that the cost of supplies on hand was $1,850 therefore, the cost of supplies used during the month was $3,420 Paid dividends, $7,700 Required 1 Determine the amount of retained earnings as of July 1, 2018 $fill in the blank 541696f69001fc5 1 2 Use the attachedspreadsheetto complete part 2 Click on the Spreadsheet icon above to open and save the Excel file to your computer Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem The assets, liabilities, andstockholders' equityas of July 1 are presented in equation form similar to that shown in this chapter In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction 3 Using the balances from the spreadsheet, prepare anincome statementfor July, aretained earnings statementfor July, and abalance sheetas of July 31 Income Statement

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Transactions;Financial Statements D'Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities.

Transactions;Financial Statements

D'Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. Theassets,liabilities, and common stock of thebusinesson July 1, 2018, are as follows: Cash, $15,330;Accounts Receivable, $41,390; Supplies, $2,920; Land, $36,500;Accounts payable, $13,140; Common Stock, $10,000.Business transactionsduring July are summarized as follows:

Joel Palk invested additional cash in exchange for common stock with a deposit of $28,000 in the business bank account.
Paid $13,800 for the purchase of land adjacent to land currently owned by D'Lite Dry Cleaners as a future building site.
Received cash from customers for dry cleaning revenue, $16,790.
Paid rent for the month, $5,040.
Purchased supplies on account, $2,350.
Paid creditors on account, $12,420.
Charged customers for dry cleaning revenue on account, $33,580.
Received monthly invoice for dry cleaning expense for July (to be paid on August 10), $13,430.
Paid the following: wages expense, $7,390; truck expense, $2,690; utilities expense, $2,850; miscellaneous expense, $1,280.
Received cash from customers on account, $26,860.
Determined that the cost of supplies on hand was $1,850; therefore, the cost of supplies used during the month was $3,420.
Paid dividends, $7,700.

Required:

1.Determine the amount of retained earnings as of July 1, 2018.

$fill in the blank 541696f69001fc5_1

2.Use the attachedspreadsheetto complete part 2. Click on the Spreadsheet icon above to open and save the Excel file to your computer. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem.

The assets, liabilities, andstockholders' equityas of July 1 are presented in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction.

3.Using the balances from the spreadsheet, prepare anincome statementfor July, aretained earnings statementfor July, and abalance sheetas of July 31.

Income Statement