Question

Problem 1-03A al-a3 (Part Level Submission) On June 1, 2022, Ivanhoe Company was started with an initial investment in the company of $18.040 cash. Here are the assets, labilities, 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 $ 5,270 Notes payable $13,340 Accounts receivable 4,190 Accounts payable 690 Service revenue 8,200 Supplies expense 990 2,467 Supplies Maintenance and repairs expense 610 Advertising expense 400 Utilities expense 290 23,300 1,400 Equipment Salaries and wages expense 18,040 Common stock

Answer 1

Income statement
Service revenue		8200
Other expenses
Salaries and wages expense	1400
Utilities expense	290
Maintenance and repair expense	610
Supplies expense	990
Advertising expense	400	3690
Net Income		4510
Dividend		1353
Retained earnings		3157

pl note that information for dividend was missing in the question. Reasonable calculation has been made to calculate value of dividend.

Current assets
Accounts receivable	4190
Cash	5270
Supplies	2467
Property Plant and Equipment
Equipment	23300
Total	35227
Current liabilities
Accounts payable	690
Non Current Liabilities
Notes Payable	13340
Shareholder's fund
Common shares	18040
Retained Earnings	3157
Total	35227