Assume a Carson Copy Center ended the month of July 2011 with these data:

Requirement
1. Prepare the income statement and the statement of retained earnings of Carson Copy Center, Inc., for the month ended July 31,2011.

Transcribed Image Text:

Payments of cash: Acquisition of equipment$410,000 Cash balance, June 30, 2010 Dividends June 30, 2011 July 31, 2011 4,100 Cash balance, July 31, 2011 Cash receipts: ....9,500 Retained earnings Retained earnings Utilities expense Issuance (sale) of stock 54,200 2,900 54,200 410,000 15,000 17,900 542,200 to owners Rent expense Common stock Equipment Office su 10,800 Adjustments to reconcile net income to net cash provided by operations.2,900 Accounts payable... Salary expense 162,000 Service revenue