Angelic Cosmetics Co. Ltd. A company that provides individual skin care treatment, was started on June...

 

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Angelic Cosmetics Co. Ltd. A company that provides individual skin care treatment, was started on June 1, 2017, with an investment of 25,000 cash. Following are the assets and liabilities of the company on June 30 and the revenues and expenses for the month of June: Cash $10,000 $4,000 $5,500 $2,000 $500 Notes Payable Accounts Payable Rent Expense Gasoline Expense Utilities Expense $13,000 $1,700 $1,800 $600 $400 Accounts Receivable Service Revenue Supplies Advertising Expense Equipment $25,000 Shareholders made no additional investments in June. The company paid a cash dividend of $900 during the month. In addition to the above information, assume that: 1. $800 worth of services were performed and billed but not collected at June 30. 2. $100 of gasoline expense was incurred but not paid. Instructions: 1. Prepare an Income Statement, and a Retained Earnings Statement for the month of June. 2. Prepare a Statement of Financial Position on June 30, 2017. Angelic Cosmetics Co. Ltd. A company that provides individual skin care treatment, was started on June 1, 2017, with an investment of 25,000 cash. Following are the assets and liabilities of the company on June 30 and the revenues and expenses for the month of June: Cash $10,000 $4,000 $5,500 $2,000 $500 Notes Payable Accounts Payable Rent Expense Gasoline Expense Utilities Expense $13,000 $1,700 $1,800 $600 $400 Accounts Receivable Service Revenue Supplies Advertising Expense Equipment $25,000 Shareholders made no additional investments in June. The company paid a cash dividend of $900 during the month. In addition to the above information, assume that: 1. $800 worth of services were performed and billed but not collected at June 30. 2. $100 of gasoline expense was incurred but not paid. Instructions: 1. Prepare an Income Statement, and a Retained Earnings Statement for the month of June. 2. Prepare a Statement of Financial Position on June 30, 2017.

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Angelic Cosmetic Co Ltd Balance Sheet for Year ended on 30 th June 2017 Assets Current Asse... View the full answer