Construct income statement and statement of retained earning

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Reference no: EM131312180

Objective : Construct an income statement and a statement of retained earnings.

Assume Office Plus Copy Center, Inc. ended the month of May 2014 with these data:

Payments of cash:
Acquisition of equipment	$402,700	Cash balance, May 1, 2014	$ 0
Dividends	12,500	Cash balance, May 31, 2014	20,300
Retained earnings		Cash receipts:
May 1, 2014	0	Issuance (sale) of stock to owners	200,000
Retained earnings		Issuance (sale) of stock to owners	200,000
May 31, 2014	?	Rent expense	3,700
Utilities expense	10,500	Common stock	200,000
Adjustments to reconcile		Equipment	402,700
net income to net cash provided by operations	29,400	Office supplies	4,400
net income to net cash provided by operations	29,400	Accounts payable	33,800
Salary expense	230,000	Service revenue	450,300

Reference no: EM131312180

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