On June 1, Cindy Godfrey started Divine Designs Co., a company that provides cra

Question

On June 1, Cindy Godfrey started Divine Designs Co., a company that provides craft opportunities, by investing $11,210 cash in the business. Following are the assets and liabilities of the company at June 30 and the revenues and expenses for the month of June.

1,100

Prepare an income statement for June assuming the following data are not included above: (1) $950 of services were performed and billed but not collected at June 30, and (2) $200 of gasoline expense was incurred but not paid.

Find: Service Revenues, Advertising expense, Rent expense, Gasoline expense, Utilities expense, Total expenses, & Net Income (loss)

Cash $11,000 Service Revenue $7,200 Accounts Receivable 2,900 Advertising Expense 400 Supplies 1,600 Rent Expense 1,400 Equipment 10,000 Gasoline Expense 230 Notes Payable 9,300 Utilities Expense 180 Accounts Payable

1,100

Prepare an income statement for June assuming the following data are not included above: (1) $950 of services were performed and billed but not collected at June 30, and (2) $200 of gasoline expense was incurred but not paid.

Find: Service Revenues, Advertising expense, Rent expense, Gasoline expense, Utilities expense, Total expenses, & Net Income (loss)

Explanation / Answer

Income Statement For the Month Ended June 30, 2017 Revenues Service Revenue 8150 Expenses: Advertising Expense 400 Rent Expense 1400 Gasoline Expense 430 Utilities Expense 180 Total Expenses 2410 Net Income / (Loss) 5740

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