Question

On June 1, 2017, Windsor, Inc. was started with an initial investment in the company of $22.420 cash. Here are the assets, li
Prepare an income statement for the month of June. Windsor, Inc. Income Statement
Prepare a retained earnings statement for the month of June. (List items that increase retained earnings first.) Windsor, Inc
Prepare a balance sheet at June 30, 2017. (List assets in order of liquidity.) Windsor, Inc. Balance Sheet Assets Liabilities
Liabilities and Stockholders Equity
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Answer #1
Income Statement
Revenues
Service Revenue $ 7,730.00
Less: Expenses
Advertising Expense $    400.00
Utilities Expense $    200.00
Salaries & Wages $ 1,630.00
Supplies Expense $ 1,100.00
Maintenance $    700.00 $ 4,030.00
Net Income $ 3,700.00
Retained Earnings Statement
Beginning Retained Earnings $             -  
Add: Net Income $ 3,700.00
$ 3,700.00
Less: Dividends $ 1,720.00
Ending Retained Earnings $ 1,980.00
Balance Sheet
Assets
Cash $   4,830.00
Accounts Receivable $   4,470.00
Supplies $   2,300.00
Equipment $ 26,230.00
Total Assets $ 37,830.00
Liabilities and Stockholder's Equity
Liabilities
Notes Payable $ 12,460.00
Accounts Payable $      970.00
$ 13,430.00
Stockholder's Equity
Common Stock $ 22,420.00
Retained Earnings $   1,980.00
$ 24,400.00
Total Liabilities and Equity $ 37,830.00
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