Preparing an Income Statement, Retained Earnings Statement, and Balance Sheet

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timer Asked: Apr 21st, 2017

Question Description

We have to prepare a word doc and an exel sheet

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 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues an 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 balance 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 with (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 Value Value Value Value Value Value ELITE SERVICE CO. Retained Earnings Statement For the Month Ended June 30, 2017 Retained earnings, June 1 ? ? Value Add: Net income Value ? Value ? Less: Dividends Retained earnings, June 30 ELITE SERVICE CO. Balance Sheet June 30, 2017 Assets Cash Accounts receivable Supplies Equipment Total assets Value Value Value Value ? Liabilities and Stockholders' Equity Liabilities Accounts payable Notes payable Total liabilities Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity Value Value ? Value Value Value ? ent and balance sheet; discuss results vestment in the company of $22,100 cash. ny at June 30, 2017, and the revenues and Notes payable Accounts payable Supplies expense Maintenance and repairs expense Utilities expense Salaries and wages expense nds of $1,400. ement for the month of June and a balance sheet ations was a success. ther a number or a formula in cells with a "?" . $12.000 500 1.000 600 300 1.400
Preparing an Income Statement, Retained Earnings Statement, and Balance Sheet Grading Guide ACC/290 Version 7 Principles of Accounting I Copyright Copyright © 2017, 2015, 2014, 2013, 2012, 2011 by University of Phoenix. All rights reserved. University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix® editorial standards and practices. Preparing an Income Statement, Retained Earnings Statement, and Balance Sheet Grading Guide ACC/290 Version 7 Individual Assignment: Preparing an Income Statement, Retained Earnings Statement, and Balance Sheet Purpose of Assignment The purpose of this assignment is to help students become familiar with the presentation of the income statement and the retained earnings statement, including how parts of the financial statement is evaluated to determine the operational success of the business. Resources Required Financial Accounting: Tools for Business Decision Making. Grading Guide Content Prepared an income statement, retained earnings statement, and balance sheet and analyzed findings using the questions below: • • Briefly whether the company’s first month of operations was a success. Discuss the company’s decision to distribute a dividend. Based income statement and analysis on the following scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: In June, the company issues no additional stock but paid dividends of $1,400. The analysis is 1,050 words in length. Met Partially Met Not Met Comments: 2 Preparing an Income Statement, Retained Earnings Statement, and Balance Sheet Grading Guide ACC/290 Version 7 Content Writing Guidelines Met Met Partially Met Not Met Total Available Total Earned 6 #/6 Partially Met Not Met Total Available Total Earned 3 #/3 9 #/9 The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total Additional comments: # Comments: Comments: 3
The purpose of this assignment is to help students become familiar with the presentation of the income statement and the retained earnings statement, including how parts of the financial statement is evaluated to determine the operational success of the business. Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making, p. 36 Scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: Cash $ 4,600 Notes payable $12,000 Accounts receivable 4,000 Accounts payable 500 Service revenue 7,500 Supplies expense 1,000 Supplies 2,400 Maintenance and repairs expense 600 Advertising expense 400 Utilities expense 300 Equipment 26,000 Salaries and wages expense 1,400 Common stock 22,100 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. Use the Excel® spreadsheet to show your work and submit it with your analysis.
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 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues an 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 balance 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 with (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 Value Value Value Value Value Value ELITE SERVICE CO. Retained Earnings Statement For the Month Ended June 30, 2017 Retained earnings, June 1 ? ? Value Add: Net income Value ? Value ? Less: Dividends Retained earnings, June 30 ELITE SERVICE CO. Balance Sheet June 30, 2017 Assets Cash Accounts receivable Supplies Equipment Total assets Value Value Value Value ? Liabilities and Stockholders' Equity Liabilities Accounts payable Notes payable Total liabilities Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity Value Value ? Value Value Value ? ent and balance sheet; discuss results vestment in the company of $22,100 cash. ny at June 30, 2017, and the revenues and Notes payable Accounts payable Supplies expense Maintenance and repairs expense Utilities expense Salaries and wages expense nds of $1,400. ement for the month of June and a balance sheet ations 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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