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unn ial the Company as aquired. S On June 1,2017, Elite Service Co. was started with an initial inweltment in the company of $22,100 cash.

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unn ial the Company as aquired. S On June 1,2017, Elite Service Co. was started with an initial inweltment in the company of $22,100 cash. Here are the assets,liabilities, and common stock of the company at June 30, 2017, and the revenues and ewpenses for the month of June, is first month of operations: Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common Stock $4,600 4,000 7,500 2,400 400 26,000 22,100 Notes payable Accounts payable iSupplies expense Maintenance andrepairs expense I Utilities expense I Salaries and wages expense In June, the company issuedno additional stock but paid dividends of $1400. Instructions (a) Prepare an income statement and retained earnings statement for the monthof June and abalance she at June 30,2017. (b) Briefly discuss whether the company's first month of operajions was a success. (o) Discuss the company's decision to distribute a dividend j NOTE: Enter a number in cells requesting a value: epter either a number or a formula in cel 24 25 ELITE SERVICE CO. Income Statement For the Month Ended Jbune 30 2017 27 28 Revenues $7,500 Service revenue 31 32 ses Salaries and wages expense 1400 Supplies expense Martenance and repairs epen-600 Advertising expense Utilities expense 35 37 Total expenses Net income P1-3A Edit unn ial the Company as aquired. S On June 1,2017, Elite Service Co. was started with an initial inweltment in the company of $22,100 cash. Here are the assets,liabilities, and common stock of the company at June 30, 2017, and the revenues and ewpenses for the month of June, is first month of operations: Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common Stock $4,600 4,000 7,500 2,400 400 26,000 22,100 Notes payable Accounts payable iSupplies expense Maintenance andrepairs expense I Utilities expense I Salaries and wages expense In June, the company issuedno additional stock but paid dividends of $1400. Instructions (a) Prepare an income statement and retained earnings statement for the monthof June and abalance she at June 30,2017. (b) Briefly discuss whether the company's first month of operajions was a success. (o) Discuss the company's decision to distribute a dividend j NOTE: Enter a number in cells requesting a value: epter either a number or a formula in cel 24 25 ELITE SERVICE CO. Income Statement For the Month Ended Jbune 30 2017 27 28 Revenues $7,500 Service revenue 31 32 ses Salaries and wages expense 1400 Supplies expense Martenance and repairs epen-600 Advertising expense Utilities expense 35 37 Total expenses Net income P1-3A Edit

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