Impact of Events on Financial Statements Assignment | Homework For You
June 2nd, 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.Get Finance homework help today