Question

Problem 1-03A al-a3 (Part Level Submission) On June 1, 2022, Ivanhoe Company was started with an initial investment in the company of $18.040 cash. Here are the assets, labilities, 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 $ 5,270 Notes payable $13,340 Accounts receivable 4,190 Accounts payable 690 Service revenue 8,200 Supplies expense 990 2,467 Supplies Maintenance and repairs expense 610 Advertising expense 400 Utilities expense 290 23,300 1,400 Equipment Salaries and wages expense 18,040 Common stock

Answer 1

Below is the screenshot of solution done in spreadsheet.

IVANHOE COMPANY Income Statement For the month of June, 2022 Revenues Service revenue $8,200 Expenses Supplies expense Maintenance and repairs expense Advertising expense Utilities expense Salaries and wages expense Total expenses $990 $610 $400 $290 $1,400 $3,690 Net Income $4,510