25 Jul Income Statement
Resources: Financial Accounting: Tools for Business Decision Making, p. 36
Scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:
| Cash | $ 4,600 | Notes payable | $12,000 |
| Accounts receivable | 4,000 | Accounts payable | 500 |
| Service revenue | 7,500 | Supplies expense | 1,000 |
| Supplies | 2,400 | Maintenance and repairs expense | 600 |
| Advertising expense | 400 | Utilities expense | 300 |
| Equipment | 26,000 | Salaries and wages expense | 1,400 |
| Common stock | 22,100 |
In June, the company issues no additional stock but paid dividends of $1,400.
Prepare an income statement, retained earnings statement, and balance sheet analyzing your findings using the questions below, in a total of 700-1000 words:
- Briefly address whether the company’s first month of operations was a success.
- Discuss the company’s decision to distribute a dividend.
Use the Excel® spreadsheet to show your work and submit with your analysis. There are two documents to be submitted (Excel spreadsheet showing the financial statements and analysis on Word document).
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