Please do not give image format On June 1, 2021, Sarasota Corp. was formed. Its assets, liabilities, share capital, revenues, expenses, and dividends as at June 30follow:CashAccounts receivableAccounts payableBank loan payableCommon sharesDividends declaredService revenueSupplies expense$16,2009,7207,88424,84038,8801,08026,1362,268SuppliesEquipmentInterest expenseOffice expenseUtilities expenseIncome tax expenseSalaries expense$1,29656,1608641.6201,6207566,156 Prepare a statement of changes in equity for the month of June. (If an amount reduces the account balance then enter with negativesign e.g.-45 or parentheses e.g. (45))SARASOTA CORP.Statement of Changes in EquityMonth Ended June 30, 2021Common SharesRetained EarningsShow Transcribed TextDividends DeclaredIssued Common SharesNet Income /(Loss)Balance, June 1Balance, June 30Total Equity

The net income or loss is calculated as difference between revenue and expenses. The retained…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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