Question

ng Tool Tools Help Mode - Delay - On June 1.2017. Sheffield Corp. was started with an initial investment in the company of $22.400 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 $5.510 Notes payable $13.820 Accounts receivable 4.300 Accounts payable 800 Service revenue 8.410 Supplies expense 1, 010 Supplies 2.390 Maintenance and repairs expense 610 Advertising expense Uttes expense 290 Equipment 26,910 Salaries and was expense 2,310 Common stock 22.400 In June, the company issued no additional stock but paid dividends of $1,700 Type here to search

Answer 1

$8,410 a. Prepare an income statement for the month of June. Sheffield Corp. Income Statement For the Month Ended June 30, 2017 Revenues Service Revenue Expenses Salaries and Wages Expense $2,310 Supplies Expense 1,010 Maintenance and Repair Expense 610 Advertising Expense Utilities Expense 290 Total Expenses Net Income / (Loss) 400 4,620 $3,790

b. Prepare a retained earnings statement for the month of June. Sheffield Corp. Retained Earnings Statement For the Month Ended June 30, 2017 Retained Earnings, June 1 Add: Net Income 1 (Loss) 3,790 3,790 Less: Dividends 1,700 Retained Earnings, June 30 $2,090 $0

$5,510 4,300 2,390 26,910 $39,110 Sheffield Corp. Balance Sheet June 30, 2017 Assets Cash Accounts Receivable Supplies Equipment Total Assets Liabilities & Stockholder's Equity Liabilities Notes Payable Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $13,820 800 $14,620 22,400 2,090 24,490 $39,110