On June 1, 2012, One Planet Cosmetics Corp. was formed, at which time all of its opening balances were zero. Its assets, liabilities, share capital, revenues, expenses, and dividends as at June 30 follow:

Instructions
(a) Prepare an income statement, statement of changes in equity, and statement of financial position for the month of June.
(b) Explain why it is necessary to prepare the financial statements in the order listed in (a).

Cash Accounts receivable Supplies Equipment Notes payable Accounts payable Common shares Dividends 6,000 4,000 1,400 32,000 14,000 2,300 25,000 1,000 Service revenue Supplies expense Fuel expense Advertising expense Utilities expense Income tax expense Salaries expense $12,000 1,200 800 1,500 1,300 1,100 3,000