September 2023 Acc290 week 1 Purpose of Assignment The purpose of this assignment is to

2024 Acc290 Week 1 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 Dete Assignment Help

Acc290 week 1 Purpose of Assignment The purpose of this assignment is to 2023

Acc290 week 1 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: 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. Use and complete the Excel template in Student Materials for the following: (a) Prepare an income statement and a retained earnings statement for the month of June and a balance sheet at June 30, 2017. (b) Briefly discuss whether the company’s first month of operations was a success.(at least one paragraph) (c) Discuss the company’s decision to distribute a dividend. (at least one paragraph) Note: There are separate worksheet tabs in the Excel template for the items above. Click the Assignment Files tab to submit your completed Excel spreadsheet. P1-3A Prepare an income statement, retained earnings statement and balance sheet; discuss results On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 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 $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 issued no additional stock but paid dividends of $1,400. Instructions (a) Prepare an income statement and retained earnings statement for the month of June and a balance sheet at June 30, 2017. (b) Briefly discuss whether the company’s first month of operations was a success. (c ) Discuss the company’s decision to distribute a dividend. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a “?” . (a) ELITE SERVICE CO. Income Statement For the Month Ended June 30, 2017 Revenues Service revenue Value Expenses Salaries and wages expense Value Supplies expense Value Maintenance and repairs expense Value Advertising expense Value Utilities expense Value Total expenses ? Net income ? ELITE SERVICE CO. Retained Earnings Statement For the Month Ended June 30, 2017 Retained earnings, June 1 Value Add:  Net income Value ? Less: Dividends Value Retained earnings, June 30 ? ELITE SERVICE CO. Balance Sheet June 30, 2017 Assets Cash Value Accounts receivable Value Supplies Value Equipment Value Total assets ? Liabilities and Stockholders’ Equity Liabilities Accounts payable Value Notes payable Value Total liabilities ? Stockholders’ equity Common stock Value Retained earnings Value ? Total liabilities and stockholders’ equity ?

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