Reference no: EM132878925
Question - Refer to the headings for each financial statement in the outline and make sure to follow that format Exercise:
After its first month of operation, the following amounts were taken from the accounting records of Sandcastle Realty Inc. as of June 30, 2020.
Capital Stock $18,000 Note payable $54,000
Cash 38,700 Rent expense 10,800
Dividends 7,200 Retained earnings 0
Interest expense 3,600 Salaries expense 16,200
Land 66,600 Sales commissions 89,100
Misc expense 4,500 Utilities expense 13,500
Required -
1) What would the income statement for the month ending June 30, 2020?
2) Using the financial data shown for Sandcastle Realty, Inc. What would be the retained earnings statement for the month ending June 30, 2020?
3) What would be the balance sheet as of June 30, 2020.
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