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Preparing an Income Statement, Retained Earnings Statement, and Balance Sheet (Example)

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Income Statement Name Institution Professor Course Date Q(b)Briefly discuss whether the company's first month of operations was a success. The operations of ELITE SERVICE CO. in the month of January 2017 were a success. This can be drawn from the monthly income statement. Net income figure $ 3 800 which is a positive figure implying that revenues were more than expenses across the month. The company therefore has the capacity to continue its operations in the preceding months of the year holding another factors constant. The success of a company can be effected by considering several factors of economy. First the supply of both goods and services to a firm is very crucial as far as the company’s success is concerned. From the company’s assets and liabilities it can be noted that the firm had sufficient supply of goods and services. However the amount spent on paying the supplied still come up in future as well as soliciting positively in the investors’ side. This was a very good decision to the company. The corresponding interest realized would be used to raise the firm’s operations thus enabling its success. The payment of the dividends for the company was a way of distributing its profit shares to the shareholders. During the time of return the company would use the interest earned on the dividends as employment incomes to the other recipients in the company. These dividends were supposed to be paid in accordance with the rights of the respective shareholders who had been given the dividends. For the company to issue the dividends it had to consider some factors such as expectations of the investor and government regulations. Reference Kimmel P. D. Weygandt J. J. & Kieso D. E. (2010). Financial accounting: tools for business decision making. John Wiley & Sons. [...]

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Purpose of Assignment The purpose of this assignment is to help students become familiar with the presentation of the income statement and the retained earnings statement, including how parts of the financial statement is evaluated to determine the operational success of the business. Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making, p. 36 Scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: Cash $ 4,600 Notes payable $12,000 Accounts receivable 4,000 Accounts payable 500 Service revenue 7,500 Supplies expense 1,000 Supplies 2,400 Maintenance and repairs expense 600 Advertising expense 400 Utilities expense 300 Equipment 26,000 Salaries and wages expense 1,400 Common stock 22,100 In June, the company issues no additional stock but paid dividends of $1,400. Prepare an income statement, retained earnings statement, and balance sheet analyzing your findings using the questions below, in a total of 1,050 words: Briefly address whether the company's first month of operations was a success. Discuss the company's decision to distribute a dividend. Use the Excel® spreadsheet to show your work and submit it with your analysis.

Subject Area: Accounting

Document Type: Paraphrasing

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Price $30

Words 1100

Pages 4

Completed in 1 day

Expert Kaytee

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