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

Answer 1

Marigold Corp.
Income Statement
For the month ended June 30, 2017
Revenues
Service revenue		7630
Expenses
Advertising expense	400
Supplies expense	1070
Maintenance and repairs expense	670
Utilities expense	230
Salaries and wages expense	1530
Total expenses		3900
Net income / (loss)		3730