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3 November, 17:52

On June 1, 2017, Windsor, Inc. was started with an initial investment in the company of $22,420 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:

Cash$ 4,830

Notes payable$12,460

Accounts receivable4,470

Accounts payable970

Service revenue7,730

Supplies expense1,100

Supplies2,300

Maintenance and repairs expense700

Advertising expense400

Utilities expense200

Equipment26,230

Salaries and wages expense1,630

Common stock22,420

In June, the company issued no additional stock but paid dividends of $1,720.

Prepare an income statement for the month of June."

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  1. 3 November, 20:38
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    The Preparation of an income statement for the month of June is shown below:-

    Explanation:

    Windsor Inc

    Retained Earnings Statement

    For the year ending June 30,2017

    Revenues

    Service revenues $7,730

    Expenses

    Advertisement Expenses $400

    Supplies expenses $1,100

    Maintenance and repair expenses $700

    Utilities expenses $200

    Salaries and Wages expenses $1,630

    Total Expenses $4,030

    Net Income (Loss) $3,700
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