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(Solved) P1-3A Prepare an income statement, retained earnings statement and balance sheet; discuss results On June 1, 2017, Elite Service Co. was started with...


In June, the company issues no additional stock but paid dividends of $1,400. 

prepare an income statement, retained earnings statement, and balance sheet analyzing your findings using the questions below, in a total of 1,050 words:

  • Briefly address whether the company's first month of operations was a success.
  • Discuss the company's decision to distribute a dividend.


I attach my spread sheet to complete this assignment

P1-3A Prepare an income statement, retained earnings statement and balance sheet; discuss results
On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cas
Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues
expenses for the month of June, its first month of operations:
Cash
Accounts receivable
Service revenue
Supplies
Advertising expense
Equipment
Common Stock $4,600
4,000
7,500
2,400
400
26,000
22,100 In June, the company issued no additional stock but paid dividends of $1,400. Instructions
(a) Prepare an income statement and retained earnings statement for the month of June and a balan
at June 30, 2017.
(b) Briefly discuss whether the company's first month of operations was a success.
(c ) Discuss the company's decision to distribute a dividend.
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells wi (a) ELITE SERVICE CO.
Income Statement
For the Month Ended June 30, 2017
Revenues
Service revenue
Expenses
Salaries and wages expense
Supplies expense
Maintenance and repairs expense
Advertising expense
Utilities expense
Total expenses
Net income $7,500
$1,400
1,000
600
400
300 ELITE SERVICE CO.
Retained Earnings Statement
For the Month Ended June 30, 2017
Retained earnings, June 1
Add: Net income 3,700
$3,800 $0
3,800 Less: Dividends
Retained earnings, June 30 1,400
$2,400 ELITE SERVICE CO.
Balance Sheet
June 30, 2017
Assets
Cash
Accounts receivable
Supplies
Equipment
Total assets $4,600
4,000
2,400
26,000
$37,000 Liabilities and Stockholders' Equity
Liabilities
Accounts payable
Notes payable
Total liabilities
Stockholders' equity
Common stock
Retained earnings
Total liabilities and stockholders' equity $500
12,000
12,500
22,100
4,000 4,000
$17,500 ment and balance sheet; discuss results
vestment in the company of $22,100 cash.
any at June 30, 2017, and the revenues and Notes payable
Accounts payable
Supplies expense
Maintenance and repairs expense
Utilities expense
Salaries and wages expense ends of $1,400. ement for the month of June and a balance sheet rations was a success. ther a number or a formula in cells with a "?" . $12,000
500
1,000
600
300
1,400

 


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