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Only complete Requirement 3 base on the information provided. The financial position, transactions, requirement 1 and requirement 2 are the supporting information.

Only complete Requirement 3 base on the information provided. The financial position, transactions, requirement 1 and requirement 2 are the supporting information.

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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Only complete Requirement 3 base on the information provided.

The financial position, transactions, requirement 1 and requirement 2 are the supporting information.

 

 

Requirement 1. Prepare the income statement of Smith Consulting, Inc. for the month ended June 30, 2020. Begin by selecting the labels for the income statement heading. Then complete the income statement by sele order by amount. (Use a minus sign or parentheses for a net loss.) Smith Consulting, Inc. Income Statement For the Month Ended June 30, 2020 Revenues: Service revenue 8,800 Expenses: Rent expense 700 100 Advertising expense 800 Total expenses $ 8,000 Net income (loss) Requirement 2. Prepare the entity's statement of retained earnings for the month ended June 30, 2020. Begin by selecting the correct heading, and then complete the statement by selecting the appropriate labels Smith Consulting, Inc. kCheek Answer. uirement 2. Prepare the entity's statement of retained earnings for the month ended June 3 in by selecting the correct heading, and then complete the statement by selecting the appro Smith Consulting, Inc. Statement of Retained Earnings For the Month Ended June 30, 2020 Retained earnings, May 31, 2020 $2,050 Add: Net income (loss) 8,000 10,050 Less: (1,800) Dividends 8,250 Retained earnings, June 30, 2020 nt 3 Prenare the balance sheet of Smith Consulting, Inc. at June 30, 2020. %24 %24 %24
Transcribed Image Text:Requirement 1. Prepare the income statement of Smith Consulting, Inc. for the month ended June 30, 2020. Begin by selecting the labels for the income statement heading. Then complete the income statement by sele order by amount. (Use a minus sign or parentheses for a net loss.) Smith Consulting, Inc. Income Statement For the Month Ended June 30, 2020 Revenues: Service revenue 8,800 Expenses: Rent expense 700 100 Advertising expense 800 Total expenses $ 8,000 Net income (loss) Requirement 2. Prepare the entity's statement of retained earnings for the month ended June 30, 2020. Begin by selecting the correct heading, and then complete the statement by selecting the appropriate labels Smith Consulting, Inc. kCheek Answer. uirement 2. Prepare the entity's statement of retained earnings for the month ended June 3 in by selecting the correct heading, and then complete the statement by selecting the appro Smith Consulting, Inc. Statement of Retained Earnings For the Month Ended June 30, 2020 Retained earnings, May 31, 2020 $2,050 Add: Net income (loss) 8,000 10,050 Less: (1,800) Dividends 8,250 Retained earnings, June 30, 2020 nt 3 Prenare the balance sheet of Smith Consulting, Inc. at June 30, 2020. %24 %24 %24
he following amounts summarize the financial position of Smith Consulting, Inc. on May 31, 2020. E (Click the icon to view the May 31, 2020, financial position.) i (Click the icon to view the transaction Assets Liabilities Shareh Requirements Accounts Accounts Common 10,050 Cash + Receivable + Supplies Land Payable Shares %3D Less: Bal. 1,300 1,350 11,700 8,400 3,900 Dividends (1,800) 24 8,250 Retained earnings, June 30, 2020 Print Done Requirement 3. Prepare the balance sheet of Smith Consulting, Inc. at June 30, 2020. Begin by selecting the correct heading. Then complete the balance sheet by selecting the appropriate accounts and entering the balance for each account. Smith Consulting, Inc. %3D Balance Sheet Transactions As at June 30, 2020 Assets Liabilities During June 2020, the business completed these transactions: Received cash of $9,100 and issued common shares. Cash Accounts payable а. Accounts receivable Shareholders' Equity b. Performed services for a client and received cash of $6,700. С. Paid $4,400 on accounts payable. Supplies Common shares d. Purchased supplies on account, $1,200. Land Retained earnings Collected cash from a customer on account, $300. е. Consulted on the design of a business report, and billed the client for services rendered, $2,100. f. Total shareholders' equity Recorded the following business expenses for the month: paid office rent, $700%3; paid advertising, $100. Declared and paid a cash dividend of $1,800. Total assets Total liabilities and shareholders' equity g. ww h. Choose from any list or enter any number in the input fields and then click Check Answer. Clear All All parts showing Print Done 11:13 PM 1/25/2021 PgUp F11 PgDn F12 End DII PrtScn F8 Home F9 F1 F4 FS F6 F7 F10 F2 F3 2 3. 4. 5€ 6 7. 8 9. E %3D 立
Transcribed Image Text:he following amounts summarize the financial position of Smith Consulting, Inc. on May 31, 2020. E (Click the icon to view the May 31, 2020, financial position.) i (Click the icon to view the transaction Assets Liabilities Shareh Requirements Accounts Accounts Common 10,050 Cash + Receivable + Supplies Land Payable Shares %3D Less: Bal. 1,300 1,350 11,700 8,400 3,900 Dividends (1,800) 24 8,250 Retained earnings, June 30, 2020 Print Done Requirement 3. Prepare the balance sheet of Smith Consulting, Inc. at June 30, 2020. Begin by selecting the correct heading. Then complete the balance sheet by selecting the appropriate accounts and entering the balance for each account. Smith Consulting, Inc. %3D Balance Sheet Transactions As at June 30, 2020 Assets Liabilities During June 2020, the business completed these transactions: Received cash of $9,100 and issued common shares. Cash Accounts payable а. Accounts receivable Shareholders' Equity b. Performed services for a client and received cash of $6,700. С. Paid $4,400 on accounts payable. Supplies Common shares d. Purchased supplies on account, $1,200. Land Retained earnings Collected cash from a customer on account, $300. е. Consulted on the design of a business report, and billed the client for services rendered, $2,100. f. Total shareholders' equity Recorded the following business expenses for the month: paid office rent, $700%3; paid advertising, $100. Declared and paid a cash dividend of $1,800. Total assets Total liabilities and shareholders' equity g. ww h. Choose from any list or enter any number in the input fields and then click Check Answer. Clear All All parts showing Print Done 11:13 PM 1/25/2021 PgUp F11 PgDn F12 End DII PrtScn F8 Home F9 F1 F4 FS F6 F7 F10 F2 F3 2 3. 4. 5€ 6 7. 8 9. E %3D 立
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