Description Scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22
Description Scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, 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 Common stock 22,100 In June, the company issues no additional stock but paid dividends of $1,400. Prepare an income statement, retained earnings statement, and balance sheet analyzing your findings using the questions below, in a total of 100 words per question: Briefly address whether the company’s first month of operations was a success. Discuss the company’s decision to distribute a dividend. Use the Excel® spreadsheet to show your work
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