Financial StatementsJose 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 +Accounts Receivable +Supplies=Accounts Payable +Jose Loder Capital -Jose Loder Drawing +Fees Earned -Salaries Expense -Rent Expense -Auto Expense -Supplies Expense -Misc. Expensea.+75,000 +75,000 b. +9,000 +9,000 Bal.75,000 9,000 9,00075,000 c.+92,000 +92,000 Bal.167,000 9,000 9,00075,000 92,000 d.-27,000 -27,000 Bal.140,000 9,000 9,00075,000 92,000 -27,000 e.-6,000 -6,000 Bal.134,000 9,000 3,00075,000 92,000 -27,000 f. +33,000 +33,000 Bal.134,00033,0009,000 3,00075,000 125,000 -27,000 g.-23,000 -15,500 -7,500Bal.111,00033,0009,000 3,00075,000 125,000 -27,000-15,500 -7,500h.-58,000 -58,000 Bal.53,00033,0009,000 3,00075,000 125,000-58,000-27,000-15,500 -7,500i. -6,100 -6,100 Bal.53,00033,0002,900 3,00075,000 125,000-58,000-27,000-15,500-6,100-7,500j.-15,000 -15,000 Bal.38,00033,0002,900 3,00075,000-15,000125,000-58,000-27,000-15,500-6,100-7,500Required:1. Prepare an income statement for the month ended August 31, 2016.Bronco ConsultingIncome StatementFor 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 ConsultingStatement of Owner's EquityFor 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 ConsultingBalance SheetAugust 31, 2016Assets $ 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 ConsultingStatement of Cash FlowsFor the Month Ended August 31, 2016Cash flows from operating activities: $ $Cash flows from investing activities Cash flows from financing activities: $ $

Name: Financial StatementsJose Loder established Bronco Consulting on August
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Description: Financial StatementsJose 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 +Accounts Receivable +Supplies=Accounts

Financial statements are written records that convey the business activities and the financial…

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: $ $

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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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 +	Accounts Receivable +	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 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:
	$


		$

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