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.…

Answered: 1. Prepare an income statement for the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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' Equity
Assets
Accounts
Accounts Common
Fees
Salaries
Rent
Auto Supplies
Misc.
=
Cash +Receivable + Supplies - Payable
+ Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense
+53,000
+6,000
+6,000
6,000
6,000
53,000
-3,500
6,000
2,500
53,000
+108,000
108,000
6,000
2,500
53,000
-33,400
6,000
2,500
53,000
108,000
-33,400
-15,200
-5,900
6,000
2,500
53,000
108,000
-33,400
-15,200
-5,900
-59,000
6,000
2,500
53,000
108,000 -59,000 -33,400 -15,200
-5,900
-3,900
-3,900
2,100
2,500
53,000
108,000 -59,000 -33,400 -15,200 -3,900 -5,900
+50,100
2,100
2.500
53,000
158,100 -59,000 -33,400
-15,200
-3,900
-5,900
2,100
2,500
53,000
158, 100 -59,000 -33,400 -15,200
-3,900
-5,900
a. +53,000
b.
Bal. 53,000
C. -3,500
Bal. 49,500
d. +108,000
Bal. 157,500
e. -33,400
Bal. 124,100
f. -21,100
Bal. 103,000
g. -59,000
Bal. 44,000
h.
Bal. 44,000
i.
Bal. 44,000
j. -12,500
Bal. 31,500
+50,100
50,100
50,100
-12,500
-12,500

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Reliance Financial Services
Income Statement
(Label)

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