How would you prepare the income statement? Jose Loder established Bronco Consulting on August 1, 20Y1. The effect of each transaction and the balances after each transaction for August follow:Assets= Liabilities +Stockholders' EquityAccountsAccountsCommonFeesSalariesRentAutoSuppliesMisc.Cash++ Supplies =- Dividends +ReceivablePayableStockEarnedExpenseExpenseExpenseExpenseЕxpensea.+75,000+75,000b.+9,000+9,000Bal. 75,0009,0009,00075,000c.+92,000+92,000Bal. 167,0009,0009,00075,00092,000'Pd.-27,000-27,000Bal. 140,0009,0009,00075,00092,000-27,000e.-6,000-6,000Bal. 134,0009,0003,00075,00092,000-27,000f.+33,000+33,000Bal. 134,00033,0009,0003,00075,000125,000-27,000g.-23,000-15,500-7,500Bal. 111,00033,0009,0003,00075,000125,000-27,000-15,500-7,500h.-58,000-58,000Bal. 53,00033,0009,0003,00075,000125,000-58,000-27,000-15,500-7,500i.-6,100-6,100Bal. 53,00033,0002,9003,00075,000125,000-58,000-27,000-15,500-6,100-7,500j.-5,000-5,000Bal. 48,00033,0002,9003,00075,000-5,000125,000-58,000-27,000-15,500-6,100-7,500Required:1. Prepare an income statement for the month ended August 31, 20Y1.Bronco ConsultingIncome StatementFor the Month Ended August 31, 20Y1Expenses:Total expenses

Net income (NI), also known as net earnings, is calculated by subtracting sales from cost of goods…

- Liabilities + Stockholders' Equity Assets Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. Cash + Supplies = Dividends + Receivable Payable Stock Earned Expense Еxpense Expense Expense Expense 75.000 +75,000 +9,000 +9.000 5.000 9.000 9.000 75,000 92.000 +92,000 67.000 9,000 9,000 75,000 92.000 27.000 -27,000 40,000 9.000 9,000 75,000 92.000 -27.000 -6,000 -6,000 34,000 9,000 3,000 75,000 92.000 -27,000

- Liabilities + Stockholders' Equity Assets Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. Cash + Supplies = Dividends + Receivable Payable Stock Earned Expense Еxpense Expense Expense Expense 75.000 +75,000 +9,000 +9.000 5.000 9.000 9.000 75,000 92.000 +92,000 67.000 9,000 9,000 75,000 92.000 27.000 -27,000 40,000 9.000 9,000 75,000 92.000 -27.000 -6,000 -6,000 34,000 9,000 3,000 75,000 92.000 -27,000

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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