Question

Using the following information, complete the income statement, statement of retaining earnings, and balance sheet for AJ paining for the month of March 2018. The business being an operation on March 1, 2018.

pox is not used in the table leave the box empty; do not select a label or enter a zero.) i Data Table Accounts Receivable 2$ Salaries Expense 2,000 2$ 800 Accounts Payable 700 10,500 Service Revenue Cash 24,000 Office Supplies 1,800 Stock issued during March 39,000 Truck 17,720 Dividends paid during March Utilities Expense 3,500 380 Print Done 018. (Complete all answer boxes. Enter a "0" for any beginning or ending zero balances.)

Answer 1

AA Painting
Income Statement
Month Ended March 31, 2018
Revenues:
Service revenue		10500
Expenses:
Salaries expense	800
Utilities expense	380
Total expenses		1180
Net income		$9320

AA Painting
Statement of Retained Earnings
Month Ended March 31, 2018
Retained earnings, March 1, 2018	$0
Add: Net income for the month	9320
	9320
Less: Dividend paid during March	3500
Retained earnings, March 31, 2018	$5820

AA Painting
Balance Sheet
As on March 31, 2018
Assets		Liabilities
Cash	$24000	Accounts payable	$700
Accounts receivable	2000
Office supplies	1800	Stockholders' Equity
Truck	17720	Common stock	39000
		Retained earnings	5820
		Total stockholders' equity	44820
	$45520	Total liabilities and stockholders' equity	$45520