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Q1) On June 1 Fix-It-Up Service Co. was started with initial investment in company of $26,200 cash. Here are  assets and liabilities of the company at June 30, and revenues and expenses for month of June, its first month of operations:

 

Cash $4,600 Notes payable $14,000
Accounts receivable 4,000 Accounts payable 500
Revenue 8,000 Supplies 1,000
Supplies 2,400 Gas and oil expense 600
Advertising expense 400 Utilities expense 300
Equipment 32,000 Wage expense 1,400

 

In June, company issued no extra stock, but paid dividends of $2,000.

 

Instructions

 

a) Create the income statement and retained earnings statement for month of June and balance sheet at June 30, 2007.

b) Briefly describe whether company's first month of operations was success.

c) describe company's decision to distribute dividend.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921880

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