Hwk due June 5th e June 5th Help I Grace Period: 14 days left | Register Now On

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Hwk due June 5th e June 5th Help I Grace Period: 14 days left | Register Now On June 1, 2017, Vaughn Manufacturing was started with an initial in in the company of $22.410 cash, Here are the assets, labilities, and common stock company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: Cash Accounts recelvable Service revenue Supplies Advertising expense Equipment $5,420 4,470 8,320 2,320 400 26,820 22,410 $13,640 Accounts payable Supplies expense Maintenance and repairs expense Utilities expense Salaries and wages expense 1,080 220 In June, the company issued no additional stock but paid dividends of $1,710. (a1) Prepare an income s for the month of June. Show all 7:50 PM

Explanation / Answer

Solution:

Vaughn Manufacturing Income Statement For the month of June Particulars Amount Service Revenue $8,320.00 Operating Expenses: Advertisement expense $400.00 Supplies Expense $1,080.00 Maintenance and repairs expense $680.00 Utilities Expense $220.00 Salaries and Wage expense $2,220.00 Net Income $3,720.00

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