Reference no: EM132449591
Question - Preparing an income statement, retained earnings statement, and balance sheet for the following in excel;
On June 1, 2017, Elite Service Co. was started with an initial investment in the company of 22,100 cash. Below are the assets, liabilities, and common stock of the company June 30,2017, and the revenues and expenses for the month of June, its first month of operations;
Cash $4600 notes payable $12,000
Accounts receivable 4,000 accounts payable 500
Service revenue 7,500 supplies expense 1,000
Supplies 2,400 Maintenance and repairs expense 600
Advertising expense 400 Utilities expense 300
Equipment 26,000 salaries and wages expense 1,400
Common Stock 22,100
In June the company issues no additional stock but paid dividends of $1,400.
Need to address whether the company's first month of operations was a success and the discuss the company's decision to distribute a dividend.
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