Monger Company has the following information available from fiscal 2010
Monger Company has the following information available from fiscal 2010. Use the relevant information to prepare the income statement and statement of cash flows (ignore beginning balance) for the year ended July 31, 2010, for Monger Company.
A. Cash received from clients for services rendered in June, $ 65,000.
B. Incurred employee wages expense, $ 43,000.
C. Capital stock issued for cash, $ 80,000.
D. Depreciation expense incurred $ 5,300.
E. Services performed on credit, $ 85,000.
F. Received cash by signing a long-term note payable, $ 40,000.
G. Interest earned on short- term investments, $ 200.
H. Purchased supplies for cash, $ 12,000.
I. Insurance purchased for the following year, $ 4,800.
J. Rent expense, $ 24,000.
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