Assume Fast Copy Center ended the month of July 20X6 with this data: Payments of cash:...

 

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Assume Fast Copy Center ended the month of July 20X6 with this data: Payments of cash: Acquisition of equipment....... $480,000 Dividends 4,200 Retained earnings June 30, 20X6. Retained earnings July 31, 20X6.. Utilities expense Adjustments to reconcile net income to net cash provided by operations.... Salary expense. 0 ? 12,000 2,300 168,000 Cash balance, June 30, 20X6..... Cash balance, July 31, 20X6...... Cash receipts: Issuance of shares to owners ..... Rent expense..... Share capital.. Equipment... Office supplies. Accounts payable. Service revenue... $ 0 10,000 69,500 2,300 69,500 41,000 13,700 16,000 604,500 Requirement 1. Prepare the Income Statement and the Statement of Changes in Equity of Fast Copy Cen- ter. for the month ended July 31, 20X6. Assume Fast Copy Center ended the month of July 20X6 with this data: Payments of cash: Acquisition of equipment....... $480,000 Dividends 4,200 Retained earnings June 30, 20X6. Retained earnings July 31, 20X6.. Utilities expense Adjustments to reconcile net income to net cash provided by operations.... Salary expense. 0 ? 12,000 2,300 168,000 Cash balance, June 30, 20X6..... Cash balance, July 31, 20X6...... Cash receipts: Issuance of shares to owners ..... Rent expense..... Share capital.. Equipment... Office supplies. Accounts payable. Service revenue... $ 0 10,000 69,500 2,300 69,500 41,000 13,700 16,000 604,500 Requirement 1. Prepare the Income Statement and the Statement of Changes in Equity of Fast Copy Cen- ter. for the month ended July 31, 20X6.

Answer rating: 100% (QA)

1 Fast Copy Center Inc Income Statement Month Ended July 31... View the full answer