Finance Assignment | Professional Writing
June 10th, 2020
(2.) [Impact of events on financial statements] A company begins operations on June 1 with zero retained eamings. The following events occurred during the month:
1. Merchandise was purchased for $50,000. 2. Half this merchandise was sold for $75,000. 3. Rent of $9000 for three months was paid in advance on June 1. 4. Wages for June of $5000 will be paid on July 1. 5. Common stock was sold for $200,000 on June 8. 6. A cash dividend of $7000 was declared on June 20, to be paid on July 15.
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