Required: 1. Prepare an income statement for the month ended August 31, 2016. Bronco Consulting Income Statement For the Month Ended August 31, 2016 $ Expenses: $ Total expenses $ 2. Prepare a statement of owner's equity for the month ended August 31, 2016. If an amount is zero, enter "0". Bronco Consulting Statement of Owner's Equity For the Month Ended August 31, 2016 $ $ $ $ 3. Prepare a balance sheet as of August 31, 2016. When entering assets, enter them in order of liquidity. Bronco Consulting Balance Sheet August 31, 2016 Assets $ Total assets $ Liabilities $ Owner's Equity Total liabilities and owner's equity $ 4. Prepare a statement of cash flows for the month ending August 31, 2016. For those boxes in which no entry is required, enter "0". Use the minus sign to indicate cash outflows, cash payments, and decreases in cash. Bronco Consulting Statement of Cash Flows For the Month Ended August 31, 2016 Cash flows from operating activities: $ $ Cash flows from investing activities Cash flows from financing activities: $ $
Required: 1. Prepare an income statement for the month ended August 31, 2016. Bronco Consulting Income Statement For the Month Ended August 31, 2016 $ Expenses: $ Total expenses $ 2. Prepare a statement of owner's equity for the month ended August 31, 2016. If an amount is zero, enter "0". Bronco Consulting Statement of Owner's Equity For the Month Ended August 31, 2016 $ $ $ $ 3. Prepare a balance sheet as of August 31, 2016. When entering assets, enter them in order of liquidity. Bronco Consulting Balance Sheet August 31, 2016 Assets $ Total assets $ Liabilities $ Owner's Equity Total liabilities and owner's equity $ 4. Prepare a statement of cash flows for the month ending August 31, 2016. For those boxes in which no entry is required, enter "0". Use the minus sign to indicate cash outflows, cash payments, and decreases in cash. Bronco Consulting Statement of Cash Flows For the Month Ended August 31, 2016 Cash flows from operating activities: $ $ Cash flows from investing activities Cash flows from financing activities: $ $
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 9SPB: FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales...
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Financial Statements
Jose Loder established Bronco Consulting on August 1, 2016. The effect of each transaction and the balances after each transaction for August follow:
Assets | = | Liabilities + | Owner's Equity | ||||||||||
Cash + | Supplies | = | Accounts Payable + | Jose Loder Capital - | Jose Loder Drawing + | Fees Earned - | Salaries Expense - | Rent Expense - | Auto Expense - | Supplies Expense - | Misc. Expense | ||
a. | +75,000 | +75,000 | |||||||||||
b. | +9,000 | +9,000 | |||||||||||
Bal. | 75,000 | 9,000 | 9,000 | 75,000 | |||||||||
c. | +92,000 | +92,000 | |||||||||||
Bal. | 167,000 | 9,000 | 9,000 | 75,000 | 92,000 | ||||||||
d. | -27,000 | -27,000 | |||||||||||
Bal. | 140,000 | 9,000 | 9,000 | 75,000 | 92,000 | -27,000 | |||||||
e. | -6,000 | -6,000 | |||||||||||
Bal. | 134,000 | 9,000 | 3,000 | 75,000 | 92,000 | -27,000 | |||||||
f. | +33,000 | +33,000 | |||||||||||
Bal. | 134,000 | 33,000 | 9,000 | 3,000 | 75,000 | 125,000 | -27,000 | ||||||
g. | -23,000 | -15,500 | -7,500 | ||||||||||
Bal. | 111,000 | 33,000 | 9,000 | 3,000 | 75,000 | 125,000 | -27,000 | -15,500 | -7,500 | ||||
h. | -58,000 | -58,000 | |||||||||||
Bal. | 53,000 | 33,000 | 9,000 | 3,000 | 75,000 | 125,000 | -58,000 | -27,000 | -15,500 | -7,500 | |||
i. | -6,100 | -6,100 | |||||||||||
Bal. | 53,000 | 33,000 | 2,900 | 3,000 | 75,000 | 125,000 | -58,000 | -27,000 | -15,500 | -6,100 | -7,500 | ||
j. | -15,000 | -15,000 | |||||||||||
Bal. | 38,000 | 33,000 | 2,900 | 3,000 | 75,000 | -15,000 | 125,000 | -58,000 | -27,000 | -15,500 | -6,100 | -7,500 |
Required:
1. Prepare an income statement for the month ended August 31, 2016.
Bronco Consulting | ||
Income Statement | ||
For the Month Ended August 31, 2016 | ||
$ | ||
Expenses: | ||
$ | ||
Total expenses | ||
$ |
2. Prepare a statement of owner's equity for the month ended August 31, 2016. If an amount is zero, enter "0".
Bronco Consulting | ||
Statement of Owner's Equity | ||
For the Month Ended August 31, 2016 | ||
$ | ||
$ | ||
$ | ||
$ |
3. Prepare a
Bronco Consulting | |
Balance Sheet | |
August 31, 2016 | |
Assets | |
$ | |
Total assets | $ |
Liabilities | |
$ | |
Owner's Equity | |
Total liabilities and owner's equity | $ |
4. Prepare a statement of
Bronco Consulting | ||
Statement of Cash Flows | ||
For the Month Ended August 31, 2016 | ||
Cash flows from operating activities: | ||
$ | ||
$ | ||
Cash flows from investing activities | ||
Cash flows from financing activities: | ||
$ | ||
$ |
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Step 1 Meaning of Financial Statements
VIEWStep 2 Preparation an Income Statement for the Month Ended August 31, 2016
VIEWStep 3 Preparation of a Statement of Owner's Equity for the Month Ended August 31, 2016
VIEWStep 4 Preparation of a Balance Sheet as of August 31, 2016
VIEWStep 5 Preparation of a Statement of Cash Flows for the month ended August 31, 2016
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