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How to prepare an income statement for the month of june

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Reference no: EM132465410

On June 1, Debra King started Cullumber Designs Co., a company that provides craft opportunities, by investing $11,570 cash in the business. Following are the assets and liabilities of the company at June 30 and the revenues and expenses for the month of June

Cash

$10,000

Service Revenue

$7,100

Accounts Receivable

3,000

Advertising Expense

500

Supplies

1,800

Rent Expense

1,700

Equipment

10,000

Gasoline Expense

210

Notes Payable

8,700

Utilities Expense

160

Accounts Payable

1,400

 

 

Debra made no additional investment in June but withdrew $1,400 in cash for personal use during the month.

Question 1: How to Prepare an income statement for the month of June.

Reference no: EM132465410

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