Assume the Dogan Copy Center ended the month of July 2012 with these data:

Requirement
1. Prepare the income statement and the statement of retained earnings of Dogan Copy Center, Inc., for the month ended July 31,2012.

Transcribed Image Text:

Payments of cash Acquisition of equipment... $460,000 Cash balance, July 1, 2012 $ Dividends Retained earnings July 1, 2011 Retained earnings July 31, 2012 Utilities expense 4,700 Cash balance, July 31, 2012....10,300 Cash receipts: Issuance (sale) of stock o owners...105,300 2,700 105,300 Equipment. 460,000 14,700 17,400 540,200 Rent expense Common st 10,500 Adjustments to reconcile net income to net cash provided by operations Office suppl Accounts payable Service revenue.. 2,700 160,000 Salary expense