Gonzalez Engineering completed the following transactions in the month of June. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Jun. 1 Maria Gonzalez, the owner, invested $108,000 cash, office equipment with a value of $7,000, and $64,000 of drafting equipment to launch the company. Jun. 2 The company purchased land worth $51,000 for an office by paying $9,100 cash and signing a long-term note payable for $41,900. Jun. 3 The company purchased a portable building with $53,000 cash and moved it onto the land acquired on June 2. Jun. 4 The company paid $4,200 cash for the premium on an 18-month insurance policy. Jun. 5 The company completed and delivered a set of plans for a client and collected $7,800 cash. Jun. 6 The company purchased $22,400 of additional drafting equipment by paying $11,500 cash and signing a long-term note payable for $10,900. Jun. 7 The company completed $17,200 of engineering services for a client. This amount is to be received in 30 days. Jun. 8 The company purchased $1,350 of additional office equipment on credit. Jun. 9 The company completed engineering services for $22,800 on credit. Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,500 rent cost must be paid within 30 days. Jun. 12 The company collected $8,600 cash in partial payment from the client billed on June 9. Jun. 14 The company paid $2,000 cash for wages to a drafting assistant. Jun. 17 The company paid $1,350 cash to settle the account payable created in on June 8. Jun. 20 The company paid $1,025 cash for minor maintenance of its drafting equipment. Jun. 23 Maria Gonzalez withdrew $9,560 cash from the company for personal use. Jun. 28 The company paid $2,000 cash for wages to a drafting assistant. Jun. 29 The company paid $2,660 cash for advertisements on the web during June. The income statement reports the change in equity attributable to the operation of the business during a specific period of time. Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate. Did the company report net income or net loss during the current month?

Gonzalez Engineering completed the following transactions in the month of June. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Jun. 1 Maria Gonzalez, the owner, invested $108,000 cash, office equipment with a value of $7,000, and $64,000 of drafting equipment to launch the company. Jun. 2 The company purchased land worth $51,000 for an office by paying $9,100 cash and signing a long-term note payable for $41,900. Jun. 3 The company purchased a portable building with $53,000 cash and moved it onto the land acquired on June 2. Jun. 4 The company paid $4,200 cash for the premium on an 18-month insurance policy. Jun. 5 The company completed and delivered a set of plans for a client and collected $7,800 cash. Jun. 6 The company purchased $22,400 of additional drafting equipment by paying $11,500 cash and signing a long-term note payable for $10,900. Jun. 7 The company completed $17,200 of engineering services for a client. This amount is to be received in 30 days. Jun. 8 The company purchased $1,350 of additional office equipment on credit. Jun. 9 The company completed engineering services for $22,800 on credit. Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,500 rent cost must be paid within 30 days. Jun. 12 The company collected $8,600 cash in partial payment from the client billed on June 9. Jun. 14 The company paid $2,000 cash for wages to a drafting assistant. Jun. 17 The company paid $1,350 cash to settle the account payable created in on June 8. Jun. 20 The company paid $1,025 cash for minor maintenance of its drafting equipment. Jun. 23 Maria Gonzalez withdrew $9,560 cash from the company for personal use. Jun. 28 The company paid $2,000 cash for wages to a drafting assistant. Jun. 29 The company paid $2,660 cash for advertisements on the web during June. The income statement reports the change in equity attributable to the operation of the business during a specific period of time. Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate. Did the company report net income or net loss during the current month?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Jun.	1	Maria Gonzalez, the owner, invested $108,000 cash, office equipment with a value of $7,000, and $64,000 of drafting equipment to launch the company.
Jun.	2	The company purchased land worth $51,000 for an office by paying $9,100 cash and signing a long-term note payable for $41,900.
Jun.	3	The company purchased a portable building with $53,000 cash and moved it onto the land acquired on June 2.
Jun.	4	The company paid $4,200 cash for the premium on an 18-month insurance policy.
Jun.	5	The company completed and delivered a set of plans for a client and collected $7,800 cash.
Jun.	6	The company purchased $22,400 of additional drafting equipment by paying $11,500 cash and signing a long-term note payable for $10,900.
Jun.	7	The company completed $17,200 of engineering services for a client. This amount is to be received in 30 days.
Jun.	8	The company purchased $1,350 of additional office equipment on credit.
Jun.	9	The company completed engineering services for $22,800 on credit.
Jun.	10	The company received a bill for rent of equipment that was used on a recently completed job. The $1,500 rent cost must be paid within 30 days.
Jun.	12	The company collected $8,600 cash in partial payment from the client billed on June 9.
Jun.	14	The company paid $2,000 cash for wages to a drafting assistant.
Jun.	17	The company paid $1,350 cash to settle the account payable created in on June 8.
Jun.	20	The company paid $1,025 cash for minor maintenance of its drafting equipment.
Jun.	23	Maria Gonzalez withdrew $9,560 cash from the company for personal use.
Jun.	28	The company paid $2,000 cash for wages to a drafting assistant.
Jun.	29	The company paid $2,660 cash for advertisements on the web during June.

The income statement reports the change in equity attributable to the operation of the business during a specific period of time. Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate. Did the company report net income or net loss during the current month?

Gonzalez Engineering
Income Statement
For Month Ended June 30, 2019

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.