On June 1 Eckersley Service Co. was started with an initial investment in the company of $26,200
Question:
In June, the company issued no additional stock, but paid dividends of $2,000.
Instructions
(a) Prepare an income statement and a retained earnings statement for the month of June and a balance sheet at June 30, 2010.
(b) Briefly discuss whether the companys first month of operations was a success.
(c) Discuss the companys decision to distribute adividend.
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...
Transcribed Image Text:
Cash Accounts receivable Revenue Supplies Advertising expense Equipment $ 4,600 4,000 7,000 2,400 400 29,000 Notes payable Accounts payable Supplies expense Gas and oil expense Utilities expense Wage expense $12,000 500 1,000 600 300 1,400
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a ECKERSLEY SERVICE CO Income Statement For the Month Ended June 30 2010 Revenues Revenue 7000 Expen...View the full answer
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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