Exam 1: Introduction to Accounting and Business

Schultz Tax Services, a tax preparation business, had the following transactions during the month of June: 1. Received cash for providing accounting services, $3,000 2. Billed customers on account for providing services, $7,000 3. Paid advertising expense, $800 4. Received cash from customers on account, $3,800 5. Paid shareholder dividends, $1,500 6. Received telephone bill, $220 7. Paid telephone bill, $220 Based on the information given above, calculate the balance of cash at June 30. Use the following format.​ Cash, June 1 $25,000 Plus cash receipts for June ____________ Minus cash payments for June ____________ Cash, June 30 ____________

Match each of the following characteristics with the financial statement it describes. Each financial statement may be used more than once. -The first statement prepared A)Income statement B)Balance sheet C)Statement of stockholder's equity D)Statement of cash flows

A statement of stockholders' equity reports the changes in stockholder's equity for a period of time.