Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the trial balance on the left to prepare the income statement, retained earnings statement, and balance sheet on the right Income Statement For the
Use the trial balance on the left to prepare the income statement, retained earnings statement, and balance sheet on the right
Income Statement For the Month Ended June 30, 2019 Trial Balance June 30, 2019 Chart of Accounts Debit Cash 8,635 Credit Fees earned Accounts Receivable 2,800 Accounts Payable 30 Common Stock 10,000 Operating expenses: Salary expense Supplies expense Truck expense Miscellaneous expense Total operating expenses Net income Retained Earnings Cash Dividends 700 Fees Earned 3,750 Salary Expense 1,200 Supplies Expense 220 State-to-State Consulting Retained Earnings Statement For the Month Ended June 30, 2019 Truck Expense 175 Miscellaneous Expense 50 TOTAL 13,780 13,780 Retained earnings, June 1, 2019 Net income Less cash dividends Increase in retained earnings Retained earnings, June 30, 2019 Trial Balance June 30, 2019 Chart of Accounts State-to-State Consulting Balance Sheet June 30, 2019 Debit Credit Cash 8,635 Accounts Receivable 2,800 Assets Cash Accounts Payable 30 Accounts receivable Common Stock 10,000 Total assets Retained Earnings Cash Dividends 700 Liabilities Accounts payable Fees Earned 3,750 Salary Expense 1,200 Supplies Expense 220 Stockholders' Equity Common stock Retained earnings Total liabilities and stockholders' equity Truck Expense 175 Miscellaneous Expense 50 TOTAL 13,780 13,780Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started