On June 1, 2022, Crane Company was started with an initial investment in the company of $21,725 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations:
Cash $ 4,960
Notes payable $12,720
Accounts receivable 4,400
Accounts payable 900
Service revenue 7,900
Supplies expense 1,155
Supplies 2,292
Maintenance and repairs expense 690
Advertising expense 400
Utilities expense 210
Equipment 26,300
Salaries and wages expense 1,100
Common stock 21,725
During June, the company issued no additional stock but paid dividends of $1,738.
Prepare an income statement for the month of June.
Prepare a retained earnings statement for the month of June.
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