On June 1 Eckersley Service Company was started with an investment of $26,200 cash. Here are the assets and liabilities of the company on June 30, 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
Revenue 7,000 Supplies expense 1,000
Supplies 2,400 Gas & oil expense 600
Advertising expense 400 Utilities expense 300
Equipment 29,000 Wage expense 1,400
In June, the company issued no additional common stock, but paid dividends of $2,000.
Complete an income statement and a retained earnings statement for the month of June and a balance sheet at June 30, 2010. (List expenses from largest to smallest amount, e.g. 10, 5, 2. List assets in order of liquidity and liabilities from largest to smallest amount, e.g. 10, 5, 2 with notes payable first.)
