402700 12500 0 ? 10500 29400 230000 0 20300 200000 3700 200000 402700 4400 33800

Question

402700
12500
0
?
10500
29400
230000

0
20300
200000
3700
200000
402700
4400
33800
450300

prepare the income statement and the statement of retained earnings of office plus copy center Inc for the month of may.

prepare the balance sheet of office plus copy center for may

a. historical cost. Chapter 1 X E:son.anned E1-32B. (Learning Objective 5:Construct an income stateoet onad a statemenst of retuined carn ings) Assume Office Plus Copy Center, Inc. ended tbe month of May 2014 with these data; Payments of cash: Acquisintion of equipment $402,700 Cah bolance, May 1, 2014 ash balanir, May 3,.2000 Cash receip 12.500 Cash Salance, May 31, 201..20,300 Dividends.. Retained earnings hsjance (salel of stock Rent espense Equipmen.. May 1,2014 Retained earnings 200,000 3,700 200,000 402,700 4400 33,800 150,300 May 31, 2014 Utilities expeme Adjustiments to reconcile 10,500 Common sinck net income to net cash Office supplies 29400 Acunts payable 230,000 Se provided by operatis. alary expense Requirement 1. Prepare the income statement and the statement of retained earnings of Olice Plus Copy Center, Inc, for the month ended May 31, 2014 E 1-33B·(Larning Obiectior 5, Cantnota halance ibeec/ Refer to the data in Exercise 1-32B. Requirement 1. Prepare the balance sheet of Office Plus Copy Center, Inse, at May 31,2014 E1-34 Exercises 1-32B and 1-33B B. fLearning Objectiee S: Construct a statement of casb How) Refer to the data in Requirement

Explanation / Answer

Prepare the income statement and the statement of retained earnings of office plus copy center Inc for the month of may:

Income statement

OPC Centre Inc.

Income statement

For the month ended May 31, 2014

Service revenue

$ 450,300

Less: Expense:

Salarieis expense

$ 230,000

Utilities expenses

$    10,500

Rent expense

$       3,700

    Net income / (net loss)

$ 206,100

Statement of retained earnings:

OPC Centre Inc.

Statement of retained earnings

For the month ended May 31, 2014

Retained earnings, May 1, 2014

0

Add: Net income

$        206,100

Earnings available for distribution

$        206,100

Less: Dividend

$        (12,500)

Retained earnings, May 31, 2014

$        193,600

OPC Centre Inc.

Income statement

For the month ended May 31, 2014

Service revenue

$ 450,300

Less: Expense:

Salarieis expense

$ 230,000

Utilities expenses

$    10,500

Rent expense

$       3,700

    Net income / (net loss)

$ 206,100

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