Nancy Tercek started a delivery service, Marigold Corp., on June 1, 2019. The following transactions occurred during the month of June. June 1 Stockholders invested $17,800 cash in the business in exchange for common stock. 2 Purchased a used van for deliveries for $15,000. Nancy paid $3,500 cash and signed a note payable for the remaining balance. 3 Paid $600 for office rent for the month. 5 Performed $4,700 of services on account. 9 Declared and paid $300 in cash dividends. 12 Purchased supplies for $100 on account. 15 Received a cash payment of $1,100 for services performed on June 5. 17 Purchased gasoline for $300 on account. 20 Received $1,600 cash for services performed. 23 Made a cash payment of $500 on the note payable. 26 Paid $300 for utilities. 29 Paid for the gasoline purchased on account on June 17. 30 Paid $1,190 for employee salaries.Prepare an income statement for the month of June.

These are the only transactions relating to income statement. We calculated the revenue by adding the service revenue earned on 5 june (4700) and on 20 June (1600).

In service business there are no Cost of Goods Sold.
We deduct the Expenses relating to operations.
There are only four expenses and the finance cost relating to notes payable cannot be calculated as the interest rate is not provided.

ayokenny2001 ayokenny2001 · Answer 2 · 2022-02-03T13:08:22+01:00

The net income for the month of June is 3,910

What is net income?

Net income refers to the amount an individual or business makes after deducting costs, allowances and taxes. Net income are found on the income statement.

Nancy Tercek

Income Statement for the month ended June 30 2019

$ $

Service Revenue 6,300

Less: Expenses

Rent Expense 600

Gas Expense 300

Utilities Expense 300

Salaries Expense 1,190 (2,390)

Net Income 3,910

Hence, the net income for the month of June is 3,910

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