Question

On June 1, 2017, Marigold Corp. was started with an initial investment in the company of $22,460 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: Cash $ 4,730 Notes payable $12,260 Accounts receivable 4,330 Accounts payable 830 Service revenue 7,630 Supplies expense 1,070 Supplies 2,330 Maintenance and repairs expense 670 Advertising expense 400 Utilities expense 230 Equipment 26,130 Salaries and wages expense 1,530 Common stock 22,460 In June, the company issued no additional stock but paid dividends of $1,760.

Answer 1

Income statement
Revenues:
service revenue				7630
expenses:
advertising expenses			400
supplies expense			1070
maintenance & repair expense			670
utilities expense			230
salaries & wages expense			1530
Total expenses				3900
net income				3730
Retained earning statement
retained earning beginning balance				0
add: net income				3730
less: dividend				1760
retained earning at the end				1970
Balance sheet
assets
Current assets
cash				4730
accounts receivable				4330
supplies				2330
Fixed assets
equipment				26130
Total assets				37520
Liabilities & stockholders' equity
accounts payable			830
notes payable			12260
Total liabilities				13090
stockholders equity
common stock			22460
retained earning			1970
Total stockholder equity				24430
total liabilities & stockholders equity				37520