Reference no: EM132470005
Problem - On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April:
1. Opened a business bank account with a deposit of $29,000 in exchange for common stock.
2. Purchased supplies on account, $2,980.
3. Paid creditor on account, $1,880.
4. Earned sales commissions, receiving cash, $30,360.
5. Paid rent on office and equipment for the month, $5,950.
6. Paid dividends, $9,000.
7. Paid automobile expenses for month, $2,850, and miscellaneous expenses, $1,370.
8. Paid office salaries, $3,580.
9. Determined that the cost of supplies on hand was $1,000; therefore, the cost of supplies used was $1,980.
Required -
1. Prepare an income statement for April.
2. Prepare a statement of stockholders' equity for April. If an amount is zero, enter "0". For those boxes in which you must enter subtracted or negative numbers use a minus sign.
3. Prepare a balance sheet as of April 30.