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.