Solution-Prepare an income statement for the month of june

Prepare an income statement for the month of june

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Reference no: EM133105971

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.)

Reference no: EM133105971

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Prepare an income statement for the month of june

Reference no: EM133105971

Reference no: EM133105971

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