On June 1, 20D, Global Services, Inc., was started with $30,000 invested by the owners as contributed capital. On June 30, 20D, the accounting records contained the following mounts:
- Accounts Payable $ 1,200
- Accounts Receivable 4,200
- Accumulated Depreciation 500
- Cash 8,000
- Consulting Fees Revenue 14,200
- Contributed Capital 30,000
- Depreciation Expense 500
- Dividends Declared 2,300
- Office Equipment 20,000
- Office Supplies 750
- Office Supplies Expense 400
- Rent Expense 2,600
- Salary Expense 6,800
- Telephone Expense 350
The dividends have already been paid during the month of June, 20D.
Remember the headings.
1.Prepare an income statement for June 20D, the first month of Global Services operation. Ignore income taxes.
2.Prepare a statement of stockholders' equity for June 20D, the first month of Global Services' operation. Ignore income taxes. Consider both Contributed Capital (another name for Common Stock) and Retained Earnings.
3.Prepare a classified balance sheet (current assets, non-current assets, current liabilities, long-term debt and equity) for June 20D, Global Services first month of operations.