7. Prepare an income statement for June 20D, the first month of Global Services

Question

7. Prepare an income statement for June 20D, the first month of Global Services operation. Ignore income taxes. 8. 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. 9. 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.

Explanation / Answer

Global Services, Inc. Income statenet On June 1, 20D Particular Amount in $ Amount in $ Revenue Consultin fees 14200 Total Revenue 14200 Expenses Depriciation Expenses 500 Office supplies expenses 400 Rent Exp 2600 Salary Exp 6800 Telepone Exp 350 Total Exp 10650 Net Income 3550 Global Services, Inc. Statement of stockholders' equity On June 1, 20D Particular Common Staock Retained Earning Total Share holder Equity Beging Balance 30,000 30,000 Net income 3550 3550 Less :Devidend paid -2300 -2300 31,250 Global Services, Inc. Balance sheet June , 20D Particular Amount in $ Amount in $ Assets Current Assets Cash 8000 Account Receivable 4200 Total Current Assets 12200 Long Term Assets Proerty , Plant and assets Office Equipment 20000 Less : Accumulated Depriciation -500 Office supplies 750 20250 32450 Liabelity Cuuernt Liabelity Accounts Payable 1200 1200 Long term Liabelity Share Holder's equity 31250 32450

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