On June 1, 2022, C liabilities, and comi operations: Cash
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9afede80-7ab7-4e70-b365-1e404cbce720%2F9ff24807-4137-4e8d-bd65-56076e490771%2F4z61gk6_processed.png&w=3840&q=75)
Transcribed Image Text: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.
![CRANE COMPANY
Income Statement
%24
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9afede80-7ab7-4e70-b365-1e404cbce720%2F9ff24807-4137-4e8d-bd65-56076e490771%2F0q87s6_processed.png&w=3840&q=75)
Transcribed Image Text:CRANE COMPANY
Income Statement
%24
%24
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
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 with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
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
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education