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Category > Accounting Posted 23 Aug 2017 My Price 9.00

Croyden Copy Center

E1-36B (Learning Objective 5: Construct an income statement and a statement of retained earnings) Assume a Croyden Copy Center ended the month of July 2013 with these data:

 

 

Payments of cash:

Acquisition of equipment .......

$410,000

Cash balance, July 1, 2013.........

$                 0

Dividends ...............................

4,800

Cash balance, July 31, 2013.......

11,100

Retained earnings

 

Cash receipts:

 

July  1,  2013 ...........................

0

Issuance (sale) of stock

 

Retained earnings

 

to  owners ...........................

48,800

July  31,  2013 .........................

?

Rent  expense ..............................

2,500

Utilities expense .........................

10,500

Common stock...........................

48,800

Adjustments to reconcile

 

Equipment..................................

410,000

net income to net cash

 

Office  supplies............................

14,800

provided by operations...........

2,500

Accounts payable ......................

17,300

Salary expense............................

157,000

Service revenue...........................

544,600

 

 

 

 

 

â–¶ Requirement

1. Prepare the income statement and the statement of retained earnings of Croyden Copy Center, Inc., for the month ended July 31, 2013.

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Aug 2017 11:08 PM My Price 9.00

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