14 Feb The following amounts summarize the financial posi
The following amounts summarize the financial position of Rodriguez Resources on May 31, 2010: During June, 2010, the business completed these transactions: a. Rodriguez Resources received cash of $8,600 and issued common stock. b. Performed services for a customer and received cash of $6,500. c. Paid $4,700 on accounts payable. d. Purchased supplies on account, $600. e. Collected cash from a customer on account, $200. f. Consulted on the design of a computer system and billed the customer for services rendered, $2,700. g. Recorded the following expenses for the month: (1) Paid office rent $900; (2) Paid advertising $800. h. Declared and paid a cash dividend of $2,300. Requirements 1. Analyze the effects of the preceding transactions on the accounting equation of Rodriguez Resources, Inc. 2. Prepare the income statement of Rodriguez Resources, Inc., for the month ended June 30, 2010. List expenses in decreasing order by amount. 3. Prepare the statement of retained earnings of Rodriguez Resources, Inc., for the month ended June 30, 2010. 4. Prepare the balance sheet of Rodriguez Resources, Inc., at June 30,2010.
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