Using the following information, complete the incomestatement, statement of retained earnings, and balance sheet for

LUV Painting for the month of March 2018. The business began operations on March 1,2018.

Accounts Receivable $1,800
Salaries Expense $1,300
Accounts Payable 1,400
Service Revenue 10,500
Cash 23,500
Office Supplies 1,900
Stock issued during March 40,000
Truck 18,680
Dividends paid during March 4,500
Utilities Expense 220

Question

03-03-2020
Business

contestada

Using the following information, complete the incomestatement, statement of retained earnings, and balance sheet for

LUV Painting for the month of March 2018. The business began operations on March 1,2018.

Accounts Receivable $1,800
Salaries Expense $1,300
Accounts Payable 1,400
Service Revenue 10,500
Cash 23,500
Office Supplies 1,900
Stock issued during March 40,000
Truck 18,680
Dividends paid during March 4,500
Utilities Expense 220

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subhashmanglia1 subhashmanglia1 · Answer 1 · 2020-03-03T12:43:21+01:00

Answer:

Gross profit = $8980

Retained earning (end) = $4480

Explanation:

LUV

Income Statement

For the m/o march 1,2018

$

Service revenue = 10500

less: Operating expense

Salaries expense 1300

Utilities expense 220

= (1520)

Gross profit 8980

LUV

Balance sheet

as on march 1,2018

ASSETS: $

Current Asset:

Cash = 23500

Account receivable = 1800

Office supplies = 1900

27200(a)

Fixed Asset:

Truck = 18680(b)

Total Assets (a+b) = 45880

LIABILITIES:

Account payable = 1400 (c)

STOCKHOLDERS EQUITY:

Issued stocks = 40000

Add: income = 8980

less: Paid dividend = (4500)

44480(d)

Total Stock holders asset and liabilities (c+d) = 45880.

LUV

Statement of retained Earning

as on march 1,2018

$

Retained earning (open) = 0

Add: Net income = 8980

less: Dividend = (4500)

Retained earning (end) 4480