FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Prepare an income statement for April.
-Prepare an income statement for April.
Custom Realty
Income Statement
For the Month Ended April 30, 20Y8
Expenses:
Total expenses
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Transcribed Image Text:-Prepare an income statement for April. Custom Realty Income Statement For the Month Ended April 30, 20Y8 Expenses: Total expenses
Transactions; Financial Statements
On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April:
a. Opened a business bank account with a deposit of $31,000 in exchange for common stock.
b. Purchased supplies on account, $3,110.
c. Paid creditor on account, $1,970.
d. Earned sales commissions, receiving cash, $31,710.
e. Paid rent on office and equipment for the month, $6,220.
f. Paid dividends, $10,000.
g. Paid automobile expenses for month, $2,980, and miscellaneous expenses, $1,430.
h. Paid office salaries, $3,740.
i. Determined that the cost of supplies on hand was $1,050; therefore, the cost of supplies used was $2,060.
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Transcribed Image Text:Transactions; Financial Statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: a. Opened a business bank account with a deposit of $31,000 in exchange for common stock. b. Purchased supplies on account, $3,110. c. Paid creditor on account, $1,970. d. Earned sales commissions, receiving cash, $31,710. e. Paid rent on office and equipment for the month, $6,220. f. Paid dividends, $10,000. g. Paid automobile expenses for month, $2,980, and miscellaneous expenses, $1,430. h. Paid office salaries, $3,740. i. Determined that the cost of supplies on hand was $1,050; therefore, the cost of supplies used was $2,060.
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