Prepare a classified balance sheet current assets

Reference no: EM13586692

On June 1, 20D, Global Services, Inc., was started with $30,000 invested by the owners as contributed capital. On June 30, 20D, the accounting records contained the following mounts:

Accounts Payable $ 1,200
Accounts Receivable 4,200
Accumulated Depreciation 500
Cash 8,000
Consulting Fees Revenue 14,200
Contributed Capital 30,000
Depreciation Expense 500
Dividends Declared 2,300
Office Equipment 20,000
Office Supplies 750
Office Supplies Expense 400
Rent Expense 2,600
Salary Expense 6,800
Telephone Expense 350

The dividends have already been paid during the month of June, 20D.

Remember the headings.

1.Prepare an income statement for June 20D, the first month of Global Services operation. Ignore income taxes.

2.Prepare a statement of stockholders' equity for June 20D, the first month of Global Services' operation. Ignore income taxes. Consider both Contributed Capital (another name for Common Stock) and Retained Earnings.

3.Prepare a classified balance sheet (current assets, non-current assets, current liabilities, long-term debt and equity) for June 20D, Global Services first month of operations.

Reference no: EM13586692

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