Lars Linken opened Grouper Cleaners on March 1, 2022. During March, the following transactions were completed. Mar. 1 1 1 2 3 6 14 18 20 21 28 31 31 Issued 8,600 shares of common stock for $12,900 cash. Borrowed $5,400 cash by signing a 6-month, 6%, $5,400 note payable. Interest will be paid the first day of each subsequent month. Purchased used truck for $6,900 cash. Paid $1,200 cash to cover rent from March 1 through May 31. Paid $2,100 cash on a 6-month insurance policy effective March 1. Purchased cleaning supplies for $1,720 on account. Billed customers $3,180 for cleaning services performed. Paid $430 on amount owed on cleaning supplies. Paid $1,510 cash for employee salaries. Collected $1,380 cash from customers billed on March 14. Billed customers $3,610 for cleaning services performed. Paid $300 for gas and oil used in truck during month (use Maintenance and Repairs Expense). Declared and paid a $770 cash dividend. The chart of accounts for Grouper Cleaners contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepaid Rent, Equipment, Accumulated Depreciation Equipment, Accounts Payable, Salaries and Wages Payable, Notes Payable, Interest Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Rent Expense, and Interest Expense.
Lars Linken opened Grouper Cleaners on March 1, 2022. During March, the following transactions were completed. Mar. 1 1 1 2 3 6 14 18 20 21 28 31 31 Issued 8,600 shares of common stock for $12,900 cash. Borrowed $5,400 cash by signing a 6-month, 6%, $5,400 note payable. Interest will be paid the first day of each subsequent month. Purchased used truck for $6,900 cash. Paid $1,200 cash to cover rent from March 1 through May 31. Paid $2,100 cash on a 6-month insurance policy effective March 1. Purchased cleaning supplies for $1,720 on account. Billed customers $3,180 for cleaning services performed. Paid $430 on amount owed on cleaning supplies. Paid $1,510 cash for employee salaries. Collected $1,380 cash from customers billed on March 14. Billed customers $3,610 for cleaning services performed. Paid $300 for gas and oil used in truck during month (use Maintenance and Repairs Expense). Declared and paid a $770 cash dividend. The chart of accounts for Grouper Cleaners contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepaid Rent, Equipment, Accumulated Depreciation Equipment, Accounts Payable, Salaries and Wages Payable, Notes Payable, Interest Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Rent Expense, and Interest Expense.
Chapter2: Introduction To Financial Statements
Section: Chapter Questions
Problem 9EB: Prepare an income statement using the following information for CK Company for the month of February...
Related questions
Topic Video
Question
Do not give answer in image
Transcribed Image Text:Lars Linken opened Grouper Cleaners on March 1, 2022. During March, the following transactions were completed.
Mar.
1
1
1
2
3
6
14
18
20
21
28
31
31
Issued 8,600 shares of common stock for $12,900 cash.
Borrowed $5,400 cash by signing a 6-month, 6%, $5,400 note payable. Interest will be paid the first day of each
subsequent month.
Purchased used truck for $6,900 cash.
Paid $1,200 cash to cover rent from March 1 through May 31.
Paid $2,100 cash on a 6-month insurance policy effective March 1.
Purchased cleaning supplies for $1,720 on account.
Billed customers $3,180 for cleaning services performed.
Paid $430 on amount owed on cleaning supplies.
Paid $1,510 cash for employee salaries.
Collected $1,380 cash from customers billed on March 14.
Billed customers $3,610 for cleaning services performed.
Paid $300 for gas and oil used in truck during month (use Maintenance and Repairs Expense).
Declared and paid a $770 cash dividend.
The chart of accounts for Grouper Cleaners contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance,
Prepaid Rent, Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Salaries and Wages Payable, Notes Payable,
Interest Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs
Expense, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Rent Expense, and Interest
Expense.
Transcribed Image Text:Prepare the income statement for March.
GROUPER CLEANERS
Income Statement
For the Month Ended March 31, 2022 ✓
+A
GA
$
LA
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
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.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning