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On June 1 Eckersley Service Co. was started with an initial investment in the company of $26,200 cash. Here are the assets and liabilities of the company at June 30, and the revenues and expenses for the month of June, its first month of operations:
Cash
4,660
Notes payable
12,000
Accounts receivable
4,000
Accounts payable
500
Revenue
7,000
Supplies expense
1,000
Supplies
2,400
Gas and oil expense
600
Advertising expense
400
Utilities expense
300
Equipment
29,000
Wage expense
1,400
In June, the company issued no additional stock, but paid dividends of $2,000.
Instructions
(a) Prepare an income statement and a retained earnings statement for the month of June and a balance sheet at June 30, 2010.
(b) Briefly discuss whether the company's first month of operations was a success.
(c) Discuss the company's decision to distribute a dividend.
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