ACC 290 UOP ACC 290 Week 1 Assignment Preparing an Income

UOP ACC 290 Week 1 Assignment Preparing an Income
Statement Retained Earnings Statement and Balance Sheet
NEW
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ACC 290 Week 1 Assignment Preparing an Income Statement
Retained Earnings Statement and Balance Sheet NEW
Purpose of Assignment
The purpose of this assignment is to help students become
familiar with the presentation of the income statement and the
retained earnings statement, including how parts of the
financial statement is evaluated to determine the operational
success of the business.
Assignment Steps
Resources: Financial Accounting: Tools for Business Decision
Making p. 36
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