Solution-Prepare an owner equity statement

Prepare an owner equity statement

Reference no: EM13845882

Problem:

On June 1, Tamara Eder started Crazy Creations Co., a company that provides craft opportunities, by investing $13,040 cash in the business. Following are the assets and liabilities of the company at June 30 and the revenues and expenses for the month of June.

Cash	$ 10,750	Notes Payable	$9,310
Accounts Receivable	2,920	Accounts Payable	1,330
Equipment	10,760	Rent Expense	1,320
Supplies	2,100	Gasoline Expense	240
Service Revenue	6,280	Utilities Expense	220
Advertising Expense	420

Tamara made no additional investment in June but withdrew $1,230 in cash for personal use during the month.

Prepare an owner's equity statement for the month of June.
Prepare a balance sheet at June 30.
Prepare an income statement for June assuming the following data are not included above: (1) $920 of services were performed and billed but not collected at June 30, and (2) $120 of gasoline expense was incurred but not paid.
Prepare an owner's equity statement for June assuming the following data are not included above: (1) $920 of revenue was earned and billed but not collected at June 30, and (2) $120 of gasoline expense was incurred but not paid.

Reference no: EM13845882

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Prepare an owner equity statement

Reference no: EM13845882

Reference no: EM13845882

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