Prepare an income statement for the month of June. On June 1, 2022, Crane Company was started with an initial investment in the company of $19,500 cash. Here are the assets,liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month ofoperations:Cash$ 5,070Notes payable$12,940Accounts receivable4,150Accounts payable650Service revenue7,800Supplies expense1,200Supplies2,305Maintenance and repairs expense700Advertising expense400Utilities expense200Equipment24,100Salaries and wages expense1,400Common stock19,500During June, the company issued no additional stock but paid dividends of $1,365.(a1)Prepare an income statement for the month of June. CRANE COMPANYIncome Statement%24%24

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Answered: On June 1, 2022, C liabilities, and…

Business

Accounting

On June 1, 2022, C liabilities, and comi operations: Cash

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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Question

Prepare an income statement for the month of June.

On June 1, 2022, Crane Company was started with an initial investment in the company of $19,500 cash. Here are the assets,
liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of
operations:
Cash
$ 5,070
Notes payable
$12,940
Accounts receivable
4,150
Accounts payable
650
Service revenue
7,800
Supplies expense
1,200
Supplies
2,305
Maintenance and repairs expense
700
Advertising expense
400
Utilities expense
200
Equipment
24,100
Salaries and wages expense
1,400
Common stock
19,500
During June, the company issued no additional stock but paid dividends of $1,365.
(a1)
Prepare an income statement for the month of June.

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