Principles of Accounting I
On June 1, 2022, Sheridan Company was started with an initial investment in the company of $25,200 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations:
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| Cash | $ 5,500 | Notes payable | $13,800 | |||
|---|---|---|---|---|---|---|
| Accounts receivable | 4,490 | Accounts payable | 990 | |||
| Service revenue | 8,400 | Supplies expense | 960 | |||
| Supplies | 2,428 | Maintenance and repairs expense | 660 | |||
| Advertising expense | 400 | Utilities expense | 240 | |||
| Equipment | 31,100 | Salaries and wages expense | 1,100 | |||
| Common stock | 25,200 |
During June, the company issued no additional stock but paid dividends of $1,512.
Prepare an income statement for the month of June.
Prepare a retained earnings statement for the month of June. (List items that increase retained earnings first.)
Prepare a balance sheet at June 30, 2022. (List assets in order of liquidity.)
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