- 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
How would you prepare the income statement?
Transcribed Image Text: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' Equity
Accounts
Accounts
Common
Fees
Salaries
Rent
Auto
Supplies
Misc.
Cash
+
+ Supplies =
- Dividends +
Receivable
Payable
Stock
Earned
Expense
Expense
Expense
Expense
Еxpense
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
'P
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.
-5,000
-5,000
Bal. 48,000
33,000
2,900
3,000
75,000
-5,000
125,000
-58,000
-27,000
-15,500
-6,100
-7,500
Required:
1. Prepare an income statement for the month ended August 31, 20Y1.
Bronco Consulting
Income Statement
For the Month Ended August 31, 20Y1
Expenses:
Total expenses
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