Prepare an income statement for August.Monty Corp.Income StatementFor the Month Ended August 31, 2022 Y An analysis of transactions for Monty Corp., a certified public accounting firm, for the month of August is as follows. Assume thatAugust is the company's first month of business.AssetsLiabilitiesStockhAccountsAccountsCommonCash+ Receivable + Supplies + Equipment-PayableStockRevenuesExpen1.+$15,900+$15,9002.-4,000+$6,000+$2,0003.-800+$8004.+5,600+$3,700+$9,3005.-1,400-1,4006.-1,6007.-750-$78.4500-5009.-3,800-3,810.+450-4An analysis of transactions for Monty Corp., a certified public accounting firm, for the month of August is as follows. Assume thatAugust is the company's first month of business.Liabilities +Stockholders' EquityRetained EarningsAccountsCommonplies + EquipmentPayableExpenses - DividendStockRevenues+$15,900+$6,000+$2000$800+$9,300Service Revenue-1,400$1,600-$750Rent Expense-3,800Salaries/Wages Expense+450-450Utilities Expense

>Income Statement is one of the financial statement. >It shows various revenues and…

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Prepare an income statement for August. Monty Corp. Income Statement For the Month Ended August 31, 2022 %24 %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

Prepare an income statement for August.
Monty Corp.
Income Statement
For the Month Ended August 31, 2022 Y

An analysis of transactions for Monty Corp., a certified public accounting firm, for the month of August is as follows. Assume that
August is the company's first month of business.
Assets
Liabilities
Stockh
Accounts
Accounts
Common
Cash
+ Receivable + Supplies + Equipment-
Payable
Stock
Revenues
Expen
1.
+$15,900
+$15,900
2.
-4,000
+$6,000
+$2,000
3.
-800
+$800
4.
+5,600
+$3,700
+$9,300
5.
-1,400
-1,400
6.
-1,600
7.
-750
-$7
8.
4500
-500
9.
-3,800
-3,8
10.
+450
-4
An analysis of transactions for Monty Corp., a certified public accounting firm, for the month of August is as follows. Assume that
August is the company's first month of business.
Liabilities +
Stockholders' Equity
Retained Earnings
Accounts
Common
plies + Equipment
Payable
Expenses - Dividend
Stock
Revenues
+$15,900
+$6,000
+$2000
$800
+$9,300
Service Revenue
-1,400
$1,600
-$750
Rent Expense
-3,800
Salaries/Wages Expense
+450
-450
Utilities Expense

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