Preparing an Income Statement, Retained Earnings Statement, and Balance Sheet

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Description

Prepared an income statement, retained earnings statement, and balance sheet and analyzed findings using the questions below:

• Briefly whether the company’s first month of operations was a success.

 

• Discuss the company’s decision to distribute a dividend.
Based income statement and analysis on the following scenario:

On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:

In June, the company issues no additional stock but paid dividends of $1,400.

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