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.
Resources:Financial Accounting: Tools for Business Decision Makingp. 36
Scenario:On June 1 2017 Elite Service Co. was started with an initial investment in the company of $22100 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:
In June the company issues no additional stock but paid dividends of $1400.
Preparean income statement retained earnings statement and balance sheet using the provided Excel template.
Usethe Excelspreadsheet to show your work and include your responses to the above questions in parts (b) and (c) of the spreadsheet.