On June 1, 2015, One Planet Cosmetics Corp. was formed. 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.
(b) Explain why it is necessary to prepare the financial statements in the order listed in (a).

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Cash Accounts receivable Supplies $ 6,000 4,000 1,400 32,000 2,300 14,000 25,000 1,000 Service revenue $12,000 1,200 800 1,500 1,300 700 3,400 Supplies expense quipment Accounts payable Bank loan payable Common shares Dividends Interest expense Office expense Utilities expense Income tax expense Sal aries expense