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. 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:=Liabilities+ Stockholders' EquityAssetsAccountsAccounts CommonFeesSalariesRentAuto SuppliesMisc.=Cash +Receivable + Supplies - Payable+ Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense+53,000+6,000+6,0006,0006,00053,000-3,5006,0002,50053,000+108,000108,0006,0002,50053,000-33,4006,0002,50053,000108,000-33,400-15,200-5,9006,0002,50053,000108,000-33,400-15,200-5,900-59,0006,0002,50053,000108,000 -59,000 -33,400 -15,200-5,900-3,900-3,9002,1002,50053,000108,000 -59,000 -33,400 -15,200 -3,900 -5,900+50,1002,1002.50053,000158,100 -59,000 -33,400-15,200-3,900-5,9002,1002,50053,000158, 100 -59,000 -33,400 -15,200-3,900-5,900a. +53,000b.Bal. 53,000C. -3,500Bal. 49,500d. +108,000Bal. 157,500e. -33,400Bal. 124,100f. -21,100Bal. 103,000g. -59,000Bal. 44,000h.Bal. 44,000i.Bal. 44,000j. -12,500Bal. 31,500+50,10050,10050,100-12,500-12,500 12 (Label)3+56789Reliance Financial ServicesIncome Statement(Label)

The accounting equation shows company assets are equal to the sum of Liabilities & capital.…

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.

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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 19EB: Josue Fabricating, Inc.s accountant has the following information available to prepare the Statement...

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