Northeast Termite Specialists, Inc , was started when its owners invested $32,685 in the business in exchange for common stock on July 1, 2010 Part of the cash received to start the company was immediately used to purchase a $19,875 high pressure chemical sprayer, which had a $2,875 residual value ...

1700 per year Northeast Termite Specialists Inc Income Statement For the year ended June 30 2011 Dep ...

Northeast Termite Specialists, Inc., was started when its owners invested $32,685 in the business in exchange for

Question:

Northeast Termite Specialists, Inc., was started when its owners invested $32,685 in the business in exchange for on July 1, 2010. Part of the cash received to start the company was immediately used to purchase a $19,875 high-pressure chemical sprayer, which had a $2,875 residual value and an expected useful life of 10 years. The company earned $68,315 of cash revenue during the year and had cash operating expenses of $27,205. Prepare an income statement, statement of changes in shareholders’ equity, and statement of cash flows for the year ended June 30, 2011, and a at June 30, 2011.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...