John launched a professional services firm on june 1 the

Reference no: EM13480857

John launched a professional services firm on June 1. The firm will prepare financial statements each months-end. In June , John executed the following transactions. Prepare an income statement for John Company for the month of June.

(1) John invested $100,000 cash and $20,000 in property and equipment. The company issued common stock to John for those amounts.
(2) The company pays $3,200 cash for rent of office furnishings and facilities for June.
(3) The company performed services for clients and immediately received $4,000 in cash earned and sent a bill for the remaining services performed for $14,000, with payment due in 60 days.
(4) The company compensated an office employee with $4,800 cash as salary for June.
(5) The company received $10,000 in cash as partial payment for the amount owed in part 3.
(6) The company paid $935 in cash as dividends to John .

Reference no: EM13480857

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