ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet
Question 30
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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