On June 1, Michelle Sasse started Divine Creations Co., a company that provides craft opportunities, by investing
Question:
On June 1, Michelle Sasse started Divine Creations Co., a company that provides craft opportunities, by investing $15,200 cash in the business. Following are the assets and liabilities of the company at June 30 and the revenues and expenses for the month of June.
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Michelle made no additional investment in June, but withdrew $1,300 in cash for personal use during the month. Instructions(a) Prepare an income statement and owner??s equity statement for the month of June and a balance sheet at June 30, 2010.(b) Prepare an income statement and owner??s equity statement for June assuming the following data are not included above: (1) $900 of revenue was earned and billed but not collected at June 30, and (2) $150 of gas and oil expense was incurred but notpaid.
Balance SheetBalance 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...
Step by Step Answer:
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso