On June 1, 2017, Windsor, Inc. was started with an initial investment in the company of $22,420 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
$ 4,830
Notes payable
$12,460
Accounts receivable
4,470
Accounts payable
970
Service revenue
7,730
Supplies expense
1,100
Supplies
2,300
Maintenance and repairs expense
700
Advertising expense
400
Utilities expense
200
Equipment
26,230
Salaries and wages expense
1,630
Common stock
22,420
In June, the company issued no additional stock but paid dividends of $1,720.
Prepare an income statement for the month of June.
Windsor, Inc.Income Statement June 30, 2017For the Month Ended June 30, 2017For the Year Ended June 30, 2017
DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues
$
DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues
$
Dividends Expenses Net Income / (Loss) Retained Earnings, June 1 Retained Earnings, June 30 Revenues Total Expenses Total Revenues
DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare a retained earnings statement for the month of June. (List items that increase retained earnings first.)
Windsor, Inc.Retained Earnings Statement For the Year Ended June 30, 2017For the Month Ended June 30, 2017June 30, 2017
DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues
$
AddLess
:
DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues
AddLess
:
DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues
DividendsExpensesNet Income / (Loss)Retained Earnings, June 1Retained Earnings, June 30RevenuesTotal ExpensesTotal Revenues
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare a balance sheet at June 30, 2017. (List assets in order of liquidity.)
Windsor, Inc.Balance Sheet For the Month Ended June 30, 2017June 30, 2017For the Year Ended June 30, 2017
Assets
$
Current AssetsLiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity
$
Liabilities and Stockholders’ Equity
Current AssetsLiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity
$
Current AssetsLiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity
$
Current AssetsLiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity
Current AssetsLiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity
Current AssetsLiabilitiesIntangible AssetsLong-Term InvestmentsLong-Term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity
$
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