On June 1, 20X1, Global Services, Inc Prepare a Statement of Earnings for the Month Ended June

question 2

Essay

On June 1, 20X1, Global Services, Inc., was started with $50,000 invested by the owners as share capital. On June 30, the accounting records contained the following amounts: $$\begin{array} { | l | r | } \hline \text { Trade payables } & \$ 100 \\\hline \text { Trade receivables } & 3,900 \\\hline \text { Cash } & 25,100 \\\hline \text { Share capital } & 50,000 \\\hline \text { Consulting fees earned } & 8,400 \\\hline \text { Dividends declared } & 2,100 \\\hline \text { Office equipment } & 24,100 \\\hline \text { Office supplies } & 500 \\\hline \text { Rent expense } & 1,300 \\\hline \text { Salary expense } & 1,000 \\\hline \text { Supplies expense } & 100 \\\hline \text { Telephone expense } & 500 \\\hline\end{array}$$ Prepare a statement of earnings for the month ended June 30, 20X1.

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Definitions:

Law of Demand

The law of demand states that, all else being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.

Quantity Demanded

The complete volume of a particular good or service that purchasers are both eager and financially able to acquire at a certain price within a market.

Price Increases

Situations where the cost of goods or services rise, often reflecting inflation or increased production costs.

Cancer-Causing Particles

Substances or elements that, upon exposure, increase the risk of developing cancer in living tissues.