ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet
Question 30
Under IFRS =================================================
ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet
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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 $ 4,600Notes payable $ 12,000