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Serga [27]
3 years ago
14

On June 1, 2017, Windsor, Inc. was started with an initial investment in the company of $22,420 cash. Here are the assets, liabi

lities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:
Cash$ 4,830
Notes payable$12,460
Accounts receivable4,470
Accounts payable970
Service revenue7,730
Supplies expense1,100
Supplies2,300
Maintenance and repairs expense700
Advertising expense400
Utilities expense200
Equipment26,230
Salaries and wages expense1,630
Common stock22,420
In June, the company issued no additional stock but paid dividends of $1,720.
Prepare an income statement for the month of June."
Business
1 answer:
Xelga [282]3 years ago
7 0

Answer:

The Preparation of an income statement for the month of June is shown below:-

Explanation:

                               Windsor Inc

                   Retained Earnings Statement

                  For the year ending June 30,2017

Revenues

Service revenues                                            $7,730

Expenses

Advertisement Expenses                  $400

Supplies expenses                             $1,100

Maintenance and repair expenses    $700

Utilities expenses                                $200

Salaries and Wages expenses           $1,630

Total Expenses                                                $4,030

Net Income (Loss)                                           $3,700

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Answer:

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4 0
3 years ago
Quantum Technology had $652,000 of retained earnings on December 31, 20X2. The company paid common dividends of $33,300 in 20X2
loris [4]

Answer:

(a) $546,300

(b) $12.88

Explanation:

(a)  Earnings available to common stockholders:

= Dividend + Retained Earnings

= 33,300 + 513,000

= $546,300

Earnings available to common stockholders means the amount available to distribute as dividend.

But the company need not pay full earnings as dividend. They may left some portion as retained earnings.

(b)  Earnings per share:

= Earnings available to common stockholders ÷ no. of shares of common stock

= $546,300 ÷ 42,400

= $12.88

3 0
3 years ago
The accounting process of ensuring accuracy and completeness includes Journalizing transactions timely using ledgers and journal
avanturin [10]

Answer:

The accounting process of ensuring accuracy and completeness includes Journalizing transactions timely using ledgers and journals, closing entries, create a trial balance, make adjusting entries, create adjusting trial balance and prepare the four basic financial statements (balance sheet, income statement, changes in net assets/equity and cash flows). Note, adjusting entries are not necessary but reversals are a must in this process. This statement is:________.

A. True

7 0
3 years ago
Read 2 more answers
Kahn Inc. has a target capital structure of 45% common equity and 55% debt to fund its $9 billion in operating assets. Furthermo
maxonik [38]

Answer:

Payout ratio =1- 12.96%*45%*9/1.4 = 0.6252 or 62.52%

Explanation:

WACC = Weight of Equity * Cost of Equity + Weight of Debt * (1-Tax rate) * Cost of Debt

16% = 45%* Cost of Equity + 55%*(1-40%)*9%

16%-55%*(1-40%)*9% = 45%*Cost of Equity

Cost of Equity = 28.9556%

Current price of Stock = D1/(Cost of Equity - Growth)

25 = 4/(28.9556%-Growth)

Growth = 28.9556%-4/25 = 12.96%

ROE = Net income/Equity = 1.4/(45%*9)

Growth rate = (1- Payout ratio)*ROE

12.96% = (1-Payout ratio)*  1.4/(45%*9)

Payout ratio =1- 12.96%*45%*9/1.4 = 0.6252 or 62.52%

4 0
3 years ago
Describe what a petty cash fund is by completing the following sentence. A petty cash fund is used for (large/small) payments in
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A petty cash fund is used for small payments in order to avoid the time and cost of writing checks for small amounts.

<h3>What is petty cash?</h3>

A petty cash fund is a small amount of cash, used to pay for minor expenses, such as office supplies or employee reimbursements.

It is the pet a actual ledger book, rather than a computer record.

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Learn more about petty cash here : brainly.com/question/6893535

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4 0
2 years ago
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