Required information[The following information applies to the questions displayed below.]Liu Zhang operates Lawson Consulting, which began operations on June 1. The Retained Earningsaccount balance at June 1 was $0 and the owner invested $19,640 cash in the company on June 1.On June 30, the company's records show the following accounts and amounts for the month ofJune.$12,0005,900$ 2,90016,2003,400CashDividendsAccounts receivableService revenueEquipmentAccounts payableRent expense7,9004,26019,640Wages expense8,000Common stockUse the above information to prepare a June statement of retained earnings for Lawson Consulting.LAWSON CONSULTINGStatement of Retained EarningsFor Month Ended June 30Retained earnings, June 1$Add: Net incomeLess: Cash dividendsRetained earnings, June 30$4

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Description: Required information[The following information applies to the questions displayed below.]Liu Zhang operates Lawson Consulting, which began operations on June 1. The Retained Earningsaccount balance at June 1 was $0 and the owner invested $19,640 cas

Net income = Service revenue - Rent expense - Wages expense Net income = $16,200 - $3,400 - $8,000…

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Liu Zhang operates Lawson Consulting, which began operations on June 1. The Retained Earnings account balance at June1 was $0 and the owner invested $19,640 cash in the company on June 1. On June 30, the company's records show the following accounts and amounts for the month of June. $ 2,900 16,200 3,400 8,000 Cash $12,000 5,900 7,900 4,260 19,640 Dividends Accounts receivable Equipment Accounts payable Service revenue Rent expense Wages expense Common stock Use the above information to prepare a June statement of retained earnings for Lawson Consulting. LAWSON CONSULTING Statement of Retained Earnings For Month Ended June 30 Retained earnings, June 1 2$ Add: Net income Less: Cash dividends Retained earnings, June 30

Liu Zhang operates Lawson Consulting, which began operations on June 1. The Retained Earnings account balance at June1 was $0 and the owner invested $19,640 cash in the company on June 1. On June 30, the company's records show the following accounts and amounts for the month of June. $ 2,900 16,200 3,400 8,000 Cash $12,000 5,900 7,900 4,260 19,640 Dividends Accounts receivable Equipment Accounts payable Service revenue Rent expense Wages expense Common stock Use the above information to prepare a June statement of retained earnings for Lawson Consulting. LAWSON CONSULTING Statement of Retained Earnings For Month Ended June 30 Retained earnings, June 1 2$ Add: Net income Less: Cash dividends Retained earnings, June 30

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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