Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On June 1, 2021, Ayayai Corp. was formed. Its assets, liabilities, share capital, revenues, expenses, and dividends as at June 30 follow: Cash Accounts


image text in transcribed

image text in transcribed  

On June 1, 2021, Ayayai Corp. was formed. Its assets, liabilities, share capital, revenues, expenses, and dividends as at June 30 follow: Cash Accounts receivable Accounts payable Bank loan payable Common shares Dividends declared Service revenue Supplies expense $18,600 11,160 9,052 28,520 44,640 1,240 30,008 2,604 Supplies Equipment Interest expense Office expense Utilities expense Income tax expense Salaries expense $1,488 64,480 992 1,860 1,860 868 7,068 Prepare a statement of income for the month of June. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) AYAYAI CORP. Statement of Income $ INT $

Step by Step Solution

3.50 Rating (163 Votes )

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

Financial Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

5th Canadian edition

978-1118024492

More Books

Students also viewed these Accounting questions