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


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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:


































 $4 600


 Notes payable

 $12 000












 Accounts receivable

 4 000


 Accounts payable













 Service revenue

 7 500


 Supplies expense

 1 000













 2 400


 Maintenance and repairs expense













 Advertising expense



 Utilities expense














 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.

















































 Prepare an income statement and retained earnings statement for the month of June and a balance sheet
















 at June 30, 2017.
















 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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