Question

courses/36873/assignments/3903058 On June 1, 2022, Elite Service Co. was started with an initial investment in the com common stock of the company at June 30, 2022, and the revenues and expenses for Cash $4,600 Notes payable $12.000 Accounts receivable 500 Service revenue 1,000 Supplies 4,000 7,500 2.400 400 26.000 22.100 Accounts payable Supplies expense Maintenance and repairs expense Utilities expense Salaries and wages expense 600 Advertising expense 300 Equipment 1.400 Common stock During June, the company issued no additional stock but paid dividends of $ 1.400 Prepare an incorte statement to the month on ELITE SERVICE CO. Income Statement

Answer 1

Solution:

Elite Services Co.
Income Statement
For the month ended June 30, 2022
Service Revenue	7500
Less: Expenses
Advertising Expense	400
Supplies expense	1000
Maintenance and repair expense	600
Utilities expense	300
Salaries and wages expense	1400
Total expenses	3700
Net Income	3800