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On June 1, Beardsley Service Co. was started with an initial investment in the company of $22,100 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
$ 4,600
Notes payable
$12,000
Accounts receivable
4,000
Accounts payable
500
Service revenue
7,500
Supplies expense
1,000
Supplies
2,400
Maintenance and repairs expense
600
Advertising expense
400
Utilities expense
300
Equipment
26,000
Salaries and wages expense
1.400
In June, the company issued no additional stock, but paid dividends of $1,400.
Instructions
(a) Prepare an income statement and a retained earnings statement for the month of June and a balance sheet at June 30, 2012.(b) Briefly discuss whether the company's first month of operations was a success.(c) Discuss the company's decision to distribute adividend.
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