9. Eureka Services Ltd. is owned and operated by Vince Fry. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of servicing is done by another company at wholesale rates. The assets and the liabilities of the business on June 1, 2018, are as follows: Cash, $8,600; Accounts Receivable, $9,500; Supplies, $1,875; Land, $15,000; Accounts Payable, $4,100. Business transactions during June are summarized as follows: a. Paid rent for the month, $4,000. b. Charged customers for service on account, $8,150. c. Paid creditors on account, $2,680. d. Purchased supplies on account, $1,500. e. Received cash from cash customers for services rendered, $17,600. f. Received cash in advance from customers on account for services to be rendered, $8,450. g. Received monthly invoice for maintenance expense for June (to be paid on July 10), $7,400. h. Paid the following: wages expense, $2,800; truck expense, $825; utilities expense, $710; miscellaneous expense, $390. Determined that the cost of supplies on hand was $1,600; therefore, the cost of supplies used during the month was $1,775. j. Withdrew $3,500 for personal use. i. Required: Prepare an income statement for June 30.

9. Eureka Services Ltd. is owned and operated by Vince Fry. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of servicing is done by another company at wholesale rates. The assets and the liabilities of the business on June 1, 2018, are as follows: Cash, $8,600; Accounts Receivable, $9,500; Supplies, $1,875; Land, $15,000; Accounts Payable, $4,100. Business transactions during June are summarized as follows: a. Paid rent for the month, $4,000. b. Charged customers for service on account, $8,150. c. Paid creditors on account, $2,680. d. Purchased supplies on account, $1,500. e. Received cash from cash customers for services rendered, $17,600. f. Received cash in advance from customers on account for services to be rendered, $8,450. g. Received monthly invoice for maintenance expense for June (to be paid on July 10), $7,400. h. Paid the following: wages expense, $2,800; truck expense, $825; utilities expense, $710; miscellaneous expense, $390. Determined that the cost of supplies on hand was $1,600; therefore, the cost of supplies used during the month was $1,775. j. Withdrew $3,500 for personal use. i. Required: Prepare an income statement for June 30.

Name: 9. Eureka Services Ltd. is owned and operated by Vince Fry. A buildin
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Description: 9. Eureka Services Ltd. is owned and operated by Vince Fry. A building and equipment arecurrently being rented, pending expansion to new facilities. The actual work of servicing isdone by another company at wholesale rates. The assets and the liabil

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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