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On June 1, 2021, Sarasota Corp. was formed. Its assets, liabilities, share capital, revenues, expenses, and dividends as at June 30 follow: Cash Accounts receivable Accounts payable Bank loan payable Common shares Dividends declared Service revenue Supplies expense Supplies Equipment Interest expense Office expense 38,880 Utilities expense 1,080 Income tax expense 26,136 Salaries expense 2,268 $16,200 9,720 7,884 24,840 $1.296 $6,160 864 1,620 1,620 756 6,156

On June 1, 2021, Sarasota Corp. was formed. Its assets, liabilities, share capital, revenues, expenses, and dividends as at June 30 follow: Cash Accounts receivable Accounts payable Bank loan payable Common shares Dividends declared Service revenue Supplies expense Supplies Equipment Interest expense Office expense 38,880 Utilities expense 1,080 Income tax expense 26,136 Salaries expense 2,268 $16,200 9,720 7,884 24,840 $1.296 $6,160 864 1,620 1,620 756 6,156

FINANCIAL ACCOUNTING
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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On June 1, 2021, Sarasota Corp. was formed. Its assets, liabilities, share capital, revenues, expenses, and dividends as at June 30 follow: Cash Accounts receivable Accounts payable Bank loan payable Common shares Dividends declared Service revenue Supplies expense $16,200 9,720 7,884 24,840 38,880 1,080 26,136 2,268 Supplies Equipment Interest expense Office expense Utilities expense Income tax expense Salaries expense $1,296 56,160 864 1.620 1,620 756 6,156
Transcribed Image Text:On June 1, 2021, Sarasota Corp. was formed. Its assets, liabilities, share capital, revenues, expenses, and dividends as at June 30 follow: Cash Accounts receivable Accounts payable Bank loan payable Common shares Dividends declared Service revenue Supplies expense $16,200 9,720 7,884 24,840 38,880 1,080 26,136 2,268 Supplies Equipment Interest expense Office expense Utilities expense Income tax expense Salaries expense $1,296 56,160 864 1.620 1,620 756 6,156
Prepare a statement of changes in equity for the month of June. (If an amount reduces the account balance then enter with negative sign e.g.-45 or parentheses e.g. (45)) SARASOTA CORP. Statement of Changes in Equity Month Ended June 30, 2021 Common Shares Retained Earnings Show Transcribed Text Dividends Declared Issued Common Shares Net Income /(Loss) Balance, June 1 Balance, June 30 Total Equity
Transcribed Image Text:Prepare a statement of changes in equity for the month of June. (If an amount reduces the account balance then enter with negative sign e.g.-45 or parentheses e.g. (45)) SARASOTA CORP. Statement of Changes in Equity Month Ended June 30, 2021 Common Shares Retained Earnings Show Transcribed Text Dividends Declared Issued Common Shares Net Income /(Loss) Balance, June 1 Balance, June 30 Total Equity
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