Question

On June 1, 2022, Sunland Company was started with an initial investment in the company of $24,750 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations:

Cash		$ 5,250		Notes payable		$13,300
Accounts receivable		4,380		Accounts payable		880
Service revenue		8,100		Supplies expense		945
Supplies		2,373		Maintenance and repairs expense		680
Advertising expense		400		Utilities expense		220
Equipment		29,600		Salaries and wages expense		1,400
Common stock		24,750

During June, the company issued no additional stock but paid dividends of $1,782.

Prepare an income statement for the month of June.

SUNLAND COMPANY Income Statement choose the accounting period                                                                      For the Month Ended June 30, 2022For the Year Ended June 30, 2022June 30, 2022
select an opening name for section one                                                                      DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues
enter an income statement item		$enter a dollar amount
select an opening name for section two                                                                      DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two                                                                      DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues		enter a subtotal amount for section two
select a closing name for this statement                                                                      DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues		$enter a total net income or loss amount

Answer 1

Income Statement
For the month ended June 30,2022
Revenues
Service revenue		8100
Expenses
Advertising expense	400
Supplies expense	945
Maintenance and repairs expense	680
Utilities expense	220
Salaries and wages expense	1400
Total expenses		3645
Net income		4455
Retained Earnings Statement
For the month ended June 30,2022
Retained earnings, June 1	0
Add: Net income	4455
Less: Dividends	1782
Retained earnings, June 30	2673
Balance Sheet
June 30,2022
Assets
Cash		5250
Accounts Receivable		4380
Supplies		2373
Equipment		29600
Total assets		41603
Liabilities and Stockholders' Equity
Liabilities:
Notes payable	13300
Accounts payable	880
Total Liabilities		14180
Stockholders' Equity:
Common Stock	24750
Retained earnings	2673
Total Stockholders' Equity		27423
Total Liabilities and Stockholders' Equity		41603