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 (4,600), Accounts Receivable (4,000), Revenue (7,000), Supplies (2,400), Advertising Expense ($400), Equipment ($29,000), Notes payable ($12,000), Accounts Payable (500), Supplies expense (1,000), Gas and Oil Expense ($600), Utilities expense (300), wage expense (1,400)
In June, the company issued no additional stock, but paid dividends of $2,000.
a. Prepare a retained earnings statement for the month of June and a balance sheet at June 30, 2010 b. briefly discuss whether the first month of operations was a success
c. discuss the company’s decision to distribute a dividend
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