Due Date of Assignment
I cannot change the due date on the syllabus. The due date will be the Saturday after the class so that we can discuss the assignment in class.
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 Makingp. 36
Scenario:On June 1 2017 Elite Service Co. was started with an initial investment in the company of $22100 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
$ 4600
Notes payable
$12000
Accounts receivable
4000
Accounts payable
500
Service revenue
7500
Supplies expense
1000
Supplies
2400
Maintenance and repairs expense
600
Advertising expense
400
Utilities expense
300
Equipment
26000
Salaries and wages expense
1400
Common stock
22100
In June the company issues no additional stock but paid dividends of $1400.
Preparean income statement retained earnings statement and balance sheet analyzing your findings using the questions below in a total of 1050 words:
Usethe Excelspreadsheet to show your work andsubmitit with your analysis.
Clickthe Assignment Files tab to submit your assignment.
Materials

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