Income Statement, accounting assignment help
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On June 1, 2017, Windsor, Inc. was started with an initial investment in the company of $22,420 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:
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$ 4,830 |
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Notes payable |
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$12,460 |
| Accounts receivable |
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4,470 |
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Accounts payable |
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970 |
| Service revenue |
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7,730 |
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Supplies expense |
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1,100 |
| Supplies |
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2,300 |
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Maintenance and repairs expense |
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700 |
| Advertising expense |
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400 |
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Utilities expense |
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200 |
| Equipment |
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26,230 |
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Salaries and wages expense |
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1,630 |
| Common stock |
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22,420 |
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In June, the company issued no additional stock but paid dividends of $1,720.
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Prepare an income statement for the month of June.
Windsor, Inc.
Income Statement
June 30, 2017For the Month Ended June 30, 2017For the Year Ended June 30, 2017
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DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues
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$
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DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues
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$
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Dividends Expenses Net Income / (Loss) Retained Earnings, June 1 Retained Earnings, June 30 Revenues Total Expenses Total Revenues
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DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues
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$
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SHOW LIST OF ACCOUNTS
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LINK TO TEXT
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Prepare a retained earnings statement for the month of June. (List items that increase retained earnings first.)
Windsor, Inc.
Retained Earnings Statement
For the Year Ended June 30, 2017For the Month Ended June 30, 2017June 30, 2017 |
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DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues
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$
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AddLess
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DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues
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AddLess
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DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues
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DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues
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$
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SHOW LIST OF ACCOUNTS
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LINK TO TEXT
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Prepare a balance sheet at June 30, 2017. (List assets in order of liquidity.)
Windsor, Inc.
Balance Sheet
For the Month Ended June 30, 2017June 30, 2017For the Year Ended June 30, 2017 |
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Assets
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$
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Current AssetsLiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity
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$
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Liabilities and Stockholders’ Equity
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Current AssetsLiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity
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$
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Current AssetsLiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity
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$
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Current AssetsLiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity
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Current AssetsLiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity
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Current AssetsLiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity
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$
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