Current Attempt in Progress

On June 1, Kimberly Young started Crane Designs Co., a company that provides craft opportunities, by investing $13,850 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.

Cash		$11,000		Service Revenue		$7,200
Accounts Receivable		2,800		Advertising Expense		500
Supplies		2,500		Rent Expense		1,400
Equipment		11,000		Gasoline Expense		250
Notes Payable		9,000		Utilities Expense		200
Accounts Payable		1,100

Kimberly made no additional investment in June but withdrew $1,500 in cash for personal use during the month.

(a1)

Prepare an income statement for the month of June.

CRANE DESIGNS CO. Income Statement choose the accounting period June 30, 2022For the Month Ended June 30, 2022For the Year Ended June 30, 2022
select an opening name for section one DrawingsExpensesNet Income / (Loss)Owners Capital, June 1Owners Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments
enter an income statement item		$enter a dollar amount
select an opening name for section two DrawingsExpensesNet Income / (Loss)Owners Capital, June 1Owners Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two DrawingsExpensesNet Income / (Loss)Owners Capital, June 1Owners Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments		enter a total amount for section two
select a closing name for this statement DrawingsExpensesNet Income / (Loss)Owners Capital, June 1Owners Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments		$enter a total net income or loss amount

Submit Answer

(a2)

Prepare an owners equity statement for the month of June. (List items that increase owner's equity first.)

CRANE DESIGNS CO. Owner's Equity Statement choose the accounting period For the Month Ended June 30, 2022For the Year Ended June 30, 2022June 30, 2022
select an opening name for this statement DrawingsExpensesNet Income / (Loss)Owners Capital, June 1Owners Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments		$enter a dollar amount
select between addition and deduction AddLess:
select an item DrawingsExpensesNet Income / (Loss)Owners Capital, June 1Owners Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments	$enter a dollar amount
select an item DrawingsExpensesNet Income / (Loss)Owners Capital, June 1Owners Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments	enter a dollar amount
		enter a subtotal of the two previous amounts
		enter a total amount for the first part
select between addition and deduction AddLess: select an item DrawingsExpensesNet Income / (Loss)Owners Capital, June 1Owners Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments		enter a dollar amount
select a closing name for this statement DrawingsExpensesNet Income / (Loss)Owners Capital, June 1Owners Capital, June 30RevenuesTotal ExpensesTotal RevenuesInvestments		$enter a total amount for this statement