Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 9.00

Divine Cosmetics Co.,

Divine Cosmetics Co., a company that provides individual skin care treatment, was started on June 1 with an investment of $26,200 cash. Following are the assets and liabilities of the company at June 30 and the revenues and expenses for the month of June.

Cash

$11,000

Notes Payable

$13,000

Accounts Receivable

4,000

Accounts Payable

1,200

Service Revenue

6,000

Supplies Expense

1,600

Cosmetic Supplies

2,000

Gas and Oil Expense

800

Advertising Expense

500

Utilities Expense

300

Equipment

25,000

    

Stockholders made no additional investments in June. The company paid a cash dividend of $1,200 during the month.

Instructions

(a) Prepare an income statement and a retained earnings statement for the month of June and a balance sheet at June 30, 2011.

(b) Prepare an income statement and a retained earnings statement for June assuming the following data are not included above: (1) $800 of revenue was earned and billed but not collected at June 30, and (2) $100 of gas and oil expense was incurred but not paid.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 05:09 PM My Price 9.00

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