Purpose of Assignment 

The purpose of this assignment is to help students become familiar with the presentation of the income statement and the retained earnings statement, including how parts of the financial statement is evaluated to determine the operational success of the business. 

Assignment Steps 

Resources: Financial Accounting: Tools for Business Decision Making, p. 36

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: 

 

In June, the company issues no additional stock but paid dividends of $1,400. 

Prepare an income statement, retained earnings statement, and balance sheet using the Excel template provided.

Write an APA formatted paper, 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
• Be sure to include cited research that supports your findings and conclusions

Use the Excel^® spreadsheet to show your work and submit it with your analysis.  Please follow APA formatting guidelines for your analysis and include relevant research (citations and references) that back up your conclusions. Refer to your APA manual (you are REQUIRED to have one) and visit the Center for Writing Excellence in the library for help with APA formatting, avoiding plagiarism, and properly citing your sources. Also, please use the APA template provided in your course materials!

 

 

 

 

USE INTEXT CITATION AND REFERENCE

 

Corporation-

 "Individuals can become stockholders by investing relatively small amounts of money and this makes it easier for corporations to raise money" (Kimmel, Weygandt, &Kieso, 2016, p. 4).

 

 

Sole Proprietorship-

According to Kimmel, Weygandt, and Kieso (2016), "Small owner?operated businesses such as barber shops, law offices, and auto repair shops are often sole proprietorships, as are farms and small retail stores (p.4).

 

Partnership-

Partnerships often form when one party is not able to draw up the funds to start a business on their own or when there is a specific skill needed that one does not have themselves (Kimmel, Weygandt, &Kieso, 2016, p. 11).

Kimmel, P. D., Weygandt, J. J., &Kieso, D. E. (2000-2016). Financial Accounting: Tools for Business Decision Making (8th ed.). Retrieved from The University Phoenix eBook Collection Database.

 

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Status NEW Posted 05 Dec 2017 09:12 AM My Price 14.00

ACC----------- 29-----------0 W-----------eek----------- 1 -----------Ass-----------ign-----------men-----------t-----------

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file 1512466005-ACC 290 Week 1 Assignment.docx preview (1275 words )

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file 1512466009-ACC 290 Week 1 Assignment.xlsx preview (255 words )

El-----------ite----------- Se-----------rvi-----------ce -----------Co.----------- In-----------com-----------e s-----------tat-----------eme-----------nt -----------for----------- th-----------e m-----------ont-----------h e-----------nde-----------d J-----------une----------- 30-----------, 2-----------017----------- Re-----------ven-----------ues----------- ----------- ----------- ----------- ----------- -----------Ser-----------vic-----------e R-----------eve-----------nue-----------s E-----------xpe-----------nse-----------s ----------- ----------- ----------- ----------- -----------Adv-----------ert-----------isi-----------ng -----------exp-----------ens-----------e ----------- ----------- ----------- ----------- S-----------upp-----------lie-----------s E-----------xpe-----------nse----------- ----------- ----------- ----------- ----------- M-----------ain-----------ten-----------anc-----------e a-----------nd -----------Rep-----------air-----------s e-----------xpe-----------nse----------- ----------- ----------- ----------- ----------- U-----------til-----------iti-----------es -----------Exp-----------ens-----------e ----------- ----------- ----------- ----------- -----------Sal-----------ari-----------es -----------and----------- Wa-----------ges----------- ex-----------pen-----------se -----------Net----------- in-----------com-----------e T-----------ota-----------l e-----------xpe-----------nse-----------s E-----------lit-----------e S-----------erv-----------ice-----------s C-----------o. -----------Bal-----------anc-----------e s-----------hee-----------t J-----------une----------- 30-----------, 2-----------017----------- As-----------set-----------s L-----------iab-----------ili-----------tie-----------s T-----------ota-----------l a-----------sse-----------ts -----------Equ-----------ity----------- To-----------tal----------- eq-----------uit-----------y a-----------nd -----------lia-----------bil-----------iti-----------es ----------- -----------

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