Elite Service Co, Balance sheet help
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Scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:
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Cash |
$ 4,600 |
Notes payable |
$12,000 |
|
Accounts receivable |
4,000 |
Accounts payable |
500 |
|
Service revenue |
7,500 |
Supplies expense |
1,000 |
|
Supplies |
2,400 |
Maintenance and repairs expense |
600 |
|
Advertising expense |
400 |
Utilities expense |
300 |
|
Equipment |
26,000 |
Salaries and wages expense |
1,400 |
|
Common stock |
22,100 |
In June, the company issues no additional stock but paid dividends of $1,400.
Prepare an income statement, retained earnings statement, and balance sheet analyzing your findings using the questions below, in a total of 1,050 words:
- Briefly address whether the company’s first month of operations was a success.
- Discuss the company’s decision to distribute a dividend.
Use the Excel® spreadsheet to show your work and submit it with your analysis.
Click the Assignment Files tab to submit your assignment using file name indicated in instrutor policies. Two documents to be submitted – one Excel and one Word. Plagiarism checker limit cannot be met on this assignment due to common terminolo
I only need the paper written. It doesn’t necessarily have to be 1050 words. I can do the balance sheet myself.
