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:
Cash $ 4,830
Notes payable $12,460
Accounts receivable 4,470
Accounts payable 970
Service revenue 7,730
Supplies expense 1,100
Supplies 2,300
Maintenance and repairs expense 700
Advertising expense 400
Utilities expense 200
Equipment 26,230
Salaries and wages expense 1,630
Common stock 22,420
In June, the company issued no additional stock but paid dividends of $1,720.
Required:
1. Prepare an income statement for the month of June.
2. Prepare a retained earnings statement for the month of June.
3. Prepare a balance sheet at June 30, 2017.
Answers: 3
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Answers: 3
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