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On June 1, 2022, Crane Company was started with an initial investment in the company of $19,500 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations:
Cash
$5,070
Notes payable
$12,940
Accounts receivable
4,150
Accounts payable
650
Service revenue
7,800
Supplies expense
1,200
Supplies
2,305
Maintenance and repairs expense
700
Advertising expense
400
Utilities expense
200
Equipment
24,100
Salaries and wages expense
1,400
Common stock
19,500
During June, the company issued no additional stock but paid dividends of $1,365.
Required -
1. Prepare an income statement for the month of June.
2. Prepare a retained earnings statement for the month of June. (List items that increase retained earnings first.)
3. Prepare a balance sheet at June 30, 2022. (List assets in order of liquidity.)
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