TranscribedText: Requirement 1. Prepare the Income Statement of Bayville Consulting, Inc. for the month ended June 30, 20XX. List expenses in decreasing order by amount. In this step, select the labels for the heading of the Income Statement. Then, complete the Income Statement by selecting the appropriate accounts and entering the amounts into the statement. Remember to list expenses in decreasing order by amount Revenues: Expenses Total expenses Net income Requirement 2. Prepare the entity's Statement of Retained Ear Select the labels for the heading. Then, complete the statement ings for the month ended June 30, 20XX. by selecting the appropriate labels and entering the amounts. Add: Less: Requirement 3. Prepare the Balance Sheet of Bayville Consulting, Inc. at June 30, 20XX. Begin by selecting the labels for the heading. Then complete the Balance Sheet by selecting the appropriate accounts and entering the balance for each account. (If an input field is not used in the Balance Sheet, leave the input field empty; do not select a label or enter a zero.) Bayville Consulting, Inc. Balance Sheet As at June 30, 20XX Assets Liabilities Cash Accounts payable Accounts receivable Shareholders' Equity Supplies Common shares Land Retained earnings Total shareholders' equity Total assets Total liabilities and shareholders' equity The following table summarizes the financial position of Bayville Consulting, Inc. on May 31, 20XX View the financial positicn View the transactions. Read the requirements Requirement 1. Prepare the Income Statement of Bayville] In this step, select the labels for the heading of the Income amount Revenues Expenses. Total expenses Net income Financial Position Assets Liabilities + Shareholders' Equity Accounts Accounts Common Retained Cash + Receivable + Supplies + Land Payable + Shares + Earnings 8,200 1,900 1270 1,030 4,500 Transactions During June 20XX, the business completed these transactions: Received cash of $5,150 and issued common shares Performed services for a client and received cash of $7,400. Paid $4,020 on accounts payable. Purchased supplies on account, $1,580. Collected cash from a customer on account, $1,090 Consulted on the design of a business report, and billed the client for o a0 oo Requirement 2. Prepare the entity's Statement of Retained Earn Select the labels for the heading. Then, complete the statement b services rendered, $2,520. g. Recorded the following business expenses for the menth: paid office rent, $750; paid advertising, $340. Declared and paid a cash dividend of $2,060 Required Prepare the Income Statement of Bayville Consulting, Inc. for the month ended June 30, 20XX. List expenses in decreasing order by amount. Prepare the entity's Statement of Retained Earnings for the month ended June 30, 20XX. Prepare the Balance Sheet of Bayville Consulting, Inc. as of June 30, 20KX. Journalize the transactions of Bayville Consulting, Inc. Explanations are not required. Post the transactions to the T-accounts. Insert in each account its balance as given (example: Cash $1,270). Compute the balance in each account. For each asset account, each liability account, and for Common Shares, compare its balance to the ending balance you obtained in Requirement 3. Are the amounts the same or different? G iz: Accounts payable The f al position of Bayville Co View Accounts receivable ransactions. Read Advertising expense Cash Requ Common shares ment of Bayville Consult In thi Land g of the Income Stateme amol Rent expense J, Inc. nt Retained earnings For Reve Service revenue Supplies Expe Advertising expense Rent expense Total expenses

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Requirement 1. Prepare the Income Statement of Bayville Consulting, Inc. for the month ended June 30, 20XX. List expenses in decreasing order by amount. In this step, select the labels for the heading of the Income Statement. Then, complete the Income Statement by selecting the appropriate accounts and entering the amounts into the statement. Remember to list expenses in decreasing order by amount. Revenues: Expenses: Total expenses Net income Requirement 1. Prepare the Income Statement of Bayville Consulting, Inc. for the month ended June 30, 20XX. List expenses in decreasing order by amount. In this step, select the labels for the heading of the Income Statement. Then, complete the Income Statement by selecting the appropriate accounts and entering the amounts into the statement. Remember to list expenses in decreasing order by amount. Revenues: Expenses: Total expenses Net income