Nicole Kidman commenced business on 1 June 2017, trading under the name 'Kidman Consulting and...
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Accounting
Nicole Kidman commenced business on 1 June 2017, trading under the name 'Kidman Consulting and prepared the following records of cash receipts and cash payments for the first month of operations Cash received: Cash paid: Capital contributed $10,000 Machine (acquired 1 June) $4,000 From customers 6.500 Rent 2,000 Loan from bank Supplies 1,500 (received 30 June) 5,000 Drawings 600 Nicole has provided the following additional information: At 30 June $400 is owing from customers for consultations that were completed during June Also, of the ca received from customers during June $600 is payment in advance for services that will not be provided by Nicole until July The machine is expected to have a useful life of three years and a residual (scrap) value of $400. It is expected to provide equal benefits to the business throughout its useful life, The payment of rent covers the months of June and July All the supplies that were paid for during June were received during that month in addition a further $700 of supplies were received during June but have not yet been paid for At 30 June there are $500 of supplies on hand Required Prepare an income statement on an accrual basis for the month of June. COMO Content
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