Required: 1. Prepare an income statement for the month ended July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If there is a net loss, enter that amount as a negative number using a minus sign. You will not need to enter colons (:) on the income statement. 2. Prepare a statement of stockholders’ equity for the month ended July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount is zero, enter "0". 3. Prepare a balance sheet as of July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for
Required: 1. Prepare an income statement for the month ended July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If there is a net loss, enter that amount as a negative number using a minus sign. You will not need to enter colons (:) on the income statement. 2. Prepare a statement of stockholders’ equity for the month ended July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount is zero, enter "0". 3. Prepare a balance sheet as of July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter3: The Basics Of Record Keeping And Financial Statement Preparation: Income Statement
Section: Chapter Questions
Problem 20P
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Topic Video
Question
Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow:
Assets | =Liabilities | + |
||||||||||
Accounts | Accounts | Common | Fees | Salaries | Rent | Auto | Supplies | Misc. | ||||
Cash | +Receivable | + Supplies | = Payable | + Stock | - Dividends | + Earned | - Expense | - Expense | - Expense | - Expense | - Expense | |
a. | +58,000 | +58,000 | ||||||||||
b. | +6,000 | +6,000 | ||||||||||
Bal. | 58,000 | 6,000 | 6,000 | 58,000 | ||||||||
c. | -3,600 | -3,600 | ||||||||||
Bal. | 54,400 | 6,000 | 2,400 | 58,000 | ||||||||
d. | +104,000 | +104,000 | ||||||||||
Bal. | 158,400 | 6,000 | 2,400 | 58,000 | 104,000 | |||||||
e. | -34,800 | -34,800 | ||||||||||
Bal. | 123,600 | 6,000 | 2,400 | 58,000 | 104,000 | -34,800 | ||||||
f. | -21,900 | -15,400 | -6,500 | |||||||||
Bal. | 101,700 | 6,000 | 2,400 | 58,000 | 104,000 | -34,800 | -15,400 | -6,500 | ||||
g. | -56,000 | -56,000 | ||||||||||
Bal. | 45,700 | 6,000 | 2,400 | 58,000 | 104,000 | -56,000 | -34,800 | -15,400 | -6,500 | |||
h. | -3,000 | -3,000 | ||||||||||
Bal. | 45,700 | 3,000 | 2,400 | 58,000 | 104,000 | -56,000 | -34,800 | -15,400 | -3,000 | -6,500 | ||
i. | +50,400 | +50,400 | ||||||||||
Bal. | 45,700 | 50,400 | 3,000 | 2,400 | 58,000 | 154,400 | -56,000 | -34,800 | -15,400 | -3,000 | -6,500 | |
j. | -14,000 | -14,000 | ||||||||||
Bal. | 31,700 | 50,400 | 3,000 | 2,400 | 58,000 | -14,000 | 154,400 | -56,000 | -34,800 | -15,400 | -3,000 | -6,500 |
Required: | |
1. | Prepare an income statement for the month ended July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If there is a net loss, enter that amount as a negative number using a minus sign. You will not need to enter colons (:) on the income statement. |
2. | Prepare a statement of stockholders’ equity for the month ended July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount is zero, enter "0". |
3. | Prepare a |
4. | Prepare a statement of cash flows for the month ending July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Use the minus sign to indicate |
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