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:Assets=Liabilities+ Stockholders’ Equity Accounts AccountsCommon FeesSalariesRentAutoSuppliesMisc. Cash+Receivable+ Supplies= Payable+ Stock- Dividends+ Earned- Expense- Expense- Expense- Expense- Expensea.+58,000 +58,000 b. +6,000+6,000 Bal.58,000 6,0006,00058,000 c.-3,600 -3,600 Bal.54,400 6,0002,40058,000 d.+104,000 +104,000 Bal.158,400 6,0002,40058,000 104,000 e.-34,800 -34,800 Bal.123,600 6,0002,40058,000 104,000 -34,800 f.-21,900 -15,400 -6,500 Bal.101,700 6,0002,40058,000 104,000 -34,800-15,400 -6,500g.-56,000 -56,000 Bal.45,700 6,0002,40058,000 104,000-56,000-34,800-15,400 -6,500h. -3,000 -3,000 Bal.45,700 3,0002,40058,000 104,000-56,000-34,800-15,400-3,000-6,500i. +50,400 +50,400 Bal.45,70050,4003,0002,40058,000 154,400-56,000-34,800-15,400-3,000-6,500j.-14,000 -14,000 Bal.31,70050,4003,0002,40058,000-14,000154,400-56,000-34,800-15,400-3,000-6,500 Required: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.2.Prepare a statement of stockholders’ equity 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 a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount is zero, enter "0".3.Prepare a balance sheet as of 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.4.Prepare a statement of cash flows for the month ending 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. Use the minus sign to indicate cash outflows, cash payments and decreases in cash. You will not need to enter colons (:) on the financial statements. If an amount is zero, enter "0".

Name: Seth Feye established Reliance Financial Services on July 1, 20Y2. Rel
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Description: 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:Assets=Liabilities+

Income Statement: It is used to report a company financial statement during the accounting period…

Answered: Required: 1. Prepare an income…

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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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:

Assets	=Liabilities	+ Stockholders’ Equity
		Accounts		Accounts	Common		Fees	Salaries	Rent	Auto	Supplies	Misc.
	Cash	+Receivable	+ Supplies	= Payable	+ Stock	- Dividends	+ Earned	- Expense	- Expense	- Expense	- Expense	- Expense
a.	+58,000				+58,000
b.			+6,000	+6,000

Bal.	58,000		6,000	6,000	58,000
c.	-3,600			-3,600

Bal.	54,400		6,000	2,400	58,000
d.	+104,000						+104,000

Bal.	158,400		6,000	2,400	58,000		104,000
e.	-34,800								-34,800

Bal.	123,600		6,000	2,400	58,000		104,000		-34,800
f.	-21,900									-15,400		-6,500

Bal.	101,700		6,000	2,400	58,000		104,000		-34,800	-15,400		-6,500
g.	-56,000							-56,000

Bal.	45,700		6,000	2,400	58,000		104,000	-56,000	-34,800	-15,400		-6,500
h.			-3,000								-3,000

Bal.	45,700		3,000	2,400	58,000		104,000	-56,000	-34,800	-15,400	-3,000	-6,500
i.		+50,400					+50,400

Bal.	45,700	50,400	3,000	2,400	58,000		154,400	-56,000	-34,800	-15,400	-3,000	-6,500
j.	-14,000					-14,000

Bal.	31,700	50,400	3,000	2,400	58,000	-14,000	154,400	-56,000	-34,800	-15,400	-3,000	-6,500

	Required:
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.
2.	Prepare a statement of stockholders’ equity 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 a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount is zero, enter "0".
3.	Prepare a balance sheet as of 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.
4.	Prepare a statement of cash flows for the month ending 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. Use the minus sign to indicate cash outflows, cash payments and decreases in cash. You will not need to enter colons (:) on the financial statements. If an amount is zero, enter "0".

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