Mike Greenberg opened Concord Window Washing Inc. on July 1, 2022. During July, the following transactions...
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Mike Greenberg opened Concord Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 13,200 shares of common stock for $13,200 cash. Purchased used truck for $8,800, paying $2.200 cash and the balance on account. Purchased cleaning supplies for $990 on account. Paid $2.040 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,070 for cleaning services performed. 18 Paid $1,100 cash on amount owed on truck and $550 on amount owed on cleaning supplies. Paid $2.200 cash for employee salaries. 21 Collected $1,760 cash from customers billed on July 12. 25 Billed customers $2,750 for cleaning services performed. 31 Paid $320 for maintenance of the truck during month. 31 Declared and paid $660 cash dividend. The chart of accounts for Concord Window Washing contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance. Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Salaries and Wages Payable, Common Stock, Retained Earnings. Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense. Depreciation Expense, Insurance Expense, and Salaries and Wages Expense. 20 CONCORD WINDOW WASHING INC. Income Statement For the Month Ended July 31, 2022 Revenues 8690 Service Revenue Expenses Maintenance and Repairs Expense 320 Salaries and Wages Expense 2640 i Depreciation Expense 200 i preciation Expense Insurance Expense 170 Supplies Expense 640 Total Expenses 3970 Net Income /(Loss) 4720 %24 %24 Prepare a retained earnings statement for July. (List items that increase retained earnings first.) CONCORD WINDOW WASHING INC. Retained Earnings Statement For the Month Ended July 31, 2022 Retained Earnings, July 1 Add v: Net Income / (Loss) 4720 Less v: Dividends 660 Retained Earnings, July 31 v %24 %24 Mike Greenberg opened Concord Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 13,200 shares of common stock for $13,200 cash. Purchased used truck for $8,800, paying $2.200 cash and the balance on account. Purchased cleaning supplies for $990 on account. Paid $2.040 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,070 for cleaning services performed. 18 Paid $1,100 cash on amount owed on truck and $550 on amount owed on cleaning supplies. Paid $2.200 cash for employee salaries. 21 Collected $1,760 cash from customers billed on July 12. 25 Billed customers $2,750 for cleaning services performed. 31 Paid $320 for maintenance of the truck during month. 31 Declared and paid $660 cash dividend. The chart of accounts for Concord Window Washing contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance. Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Salaries and Wages Payable, Common Stock, Retained Earnings. Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense. Depreciation Expense, Insurance Expense, and Salaries and Wages Expense. 20 CONCORD WINDOW WASHING INC. Income Statement For the Month Ended July 31, 2022 Revenues 8690 Service Revenue Expenses Maintenance and Repairs Expense 320 Salaries and Wages Expense 2640 i Depreciation Expense 200 i preciation Expense Insurance Expense 170 Supplies Expense 640 Total Expenses 3970 Net Income /(Loss) 4720 %24 %24 Prepare a retained earnings statement for July. (List items that increase retained earnings first.) CONCORD WINDOW WASHING INC. Retained Earnings Statement For the Month Ended July 31, 2022 Retained Earnings, July 1 Add v: Net Income / (Loss) 4720 Less v: Dividends 660 Retained Earnings, July 31 v %24 %24
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Related Book For
Cornerstones of Cost Management
ISBN: 978-1285751788
3rd edition
Authors: Don R. Hansen, Maryanne M. Mowen
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