FINANCIAL ACCOUNTING: TOOLS FOR BUSINES
9th Edition
ISBN: 9781119595649
Author: Kimmel
Publisher: WILEY
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Please see the info below. They are all part of the same question. I need this asap please and thank you. It requires an income statment for the month of june, a retained earnings statement for the month of june, and a balance sheet for June 30, 2017. Please include the correct terminology.
On June 1, 2017, Swifty Corporation was started with an initial investment in the company of $22,350 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:
Cash
$ 5,070
Notes payable
$12,940
Accounts receivable
4,150
Accounts payable
650
Service revenue
7,970
Supplies expense
1,100
Supplies
2,300
Maintenance and repairs expense
700
Advertising expense
400
Utilities expense
200
Equipment
26,470
Salaries and wages expense
1,870
Common stock
22,350
In June, the company issued no additional stock…
On June 1, 2025, Oriole Service Co. was started with an initial investment in the company of $31,500 cash. Here are the assets,
liabilities, and common stock of the company at June 30, 2025, and the revenues and expenses for the month of June, its first month of
operations:
Cash
Accounts receivable
Service revenue
Supplies
Advertising expense
Equipment
Common stock.
$5,470
4,280
8,400
2,398
400
37,400
31.500
Notes payable
Accounts payable
Supplies expense
Maintenance and repairs expense
Utilities expense
Salaries and wages expense
$13,740
780
860
670
230
1,200
At the beginning of 2024, Glasson Academy reported a balance in common stock of $166,000 and a balance in retained earnings of $66,000. During the year, the company issued additional shares of stock for $56,000, earned net income of $46,000, and paid dividends of $11,600. In addition, the company reported balances for the following assets and liabilities on December 31.
Assets
Liabilities
Cash
$54,200
Accounts payable
$14,600
Supplies
12,500
Utilities payable
5,600
Prepaid rent
32,000
Salaries payable
5,100
Land
280,000
Notes payable
31,000
Required:
Prepare a statement of stockholders’ equity.
Prepare a balance sheet.
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