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ACC 290 ACC290 Week 1 P1-3A Elite Services Solution

$9.99

Product Description

Phoenix ACC 290 Week 1 Assignment Individual P1-3A Elite Services Answers

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 "?" .

 

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