Question

Using the following​ information, complete the income​ statement, statement of retained​ earnings, and balance sheet for...

Using the following​ information, complete the income​ statement, statement of retained​ earnings, and balance sheet for

LUV Painting for the month of March 2018. The business began operations on March ​1,2018.

Accounts Receivable

$1,800

Salaries Expense

$1,300

Accounts Payable

1,400

Service Revenue

10,500

Cash

23,500

Office Supplies

1,900

Stock issued during March

40,000

Truck

18,680

Dividends paid during March

4,500

Utilities Expense

220

Business   Accounting   
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Answer #1

LUV painting

Income statement

for the month ended 31 march 2018
Service Revenue 10500
Less:Expense
Salaries expense (1300)
Utilities expense (220)
Total expense (1520)
Net Income 8980

LUV painting

Statement of Retained earning

for the month ended 31 march 2018
Beginning Balance 0
Add:Net Income 8980
Less:Dividend (4500)
Retained earning at end 4480

LUV painting

Balance sheet

As on 31 march 2018
Asset
cash 23500
Accounts receivable 1800
Office supplies 1900
Total current asset 27200
Non current asset
Truck 18680
Total asset 45880
Liabilities and stockholders equity
Accounts payable 1400
Total liabilities 1400
Stockholders equity
common stock 40000
Retained earning 4480
Total stockholders equity 44480
Total liabilities and stockholders equity 45880
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