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. 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:=Liabilities+ Stockholders' EquityAssetsAccountsAccounts CommonFeesSalariesRentAuto SuppliesMisc.=Cash +Receivable + Supplies - Payable+ Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense+53,000+6,000+6,0006,0006,00053,000-3,5006,0002,50053,000+108,000108,0006,0002,50053,000-33,4006,0002,50053,000108,000-33,400-15,200-5,9006,0002,50053,000108,000-33,400-15,200-5,900-59,0006,0002,50053,000108,000 -59,000 -33,400 -15,200-5,900-3,900-3,9002,1002,50053,000108,000 -59,000 -33,400 -15,200 -3,900 -5,900+50,1002,1002.50053,000158,100 -59,000 -33,400-15,200-3,900-5,9002,1002,50053,000158, 100 -59,000 -33,400 -15,200-3,900-5,900a. +53,000b.Bal. 53,000C. -3,500Bal. 49,500d. +108,000Bal. 157,500e. -33,400Bal. 124,100f. -21,100Bal. 103,000g. -59,000Bal. 44,000h.Bal. 44,000i.Bal. 44,000j. -12,500Bal. 31,500+50,10050,10050,100-12,500-12,500 12 Cash3 Accounts receivable4 Supplies567 Accounts payable89 Common stock10 Retained earnings1112AssetsLiabilitiesStockholders' EquityBalance SheetJuly 31, 20Y2$53,000.0028,200.00$31,500.0050,100.002,100.00$83,700.00$2,500.0081,200.00

Name: 3. Prepare a balance sheet as of July 31, 20Y2. Refer to the lists of
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Description: 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. Seth Feye established Reliance Fin

The balance sheet is prepared to represent the financial position of the business with assets and…

Answered: Seth Feye established Reliance…

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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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.

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:
=Liabilities
+ Stockholders' Equity
Assets
Accounts
Accounts Common
Fees
Salaries
Rent
Auto Supplies
Misc.
=
Cash +Receivable + Supplies - Payable
+ Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense
+53,000
+6,000
+6,000
6,000
6,000
53,000
-3,500
6,000
2,500
53,000
+108,000
108,000
6,000
2,500
53,000
-33,400
6,000
2,500
53,000
108,000
-33,400
-15,200
-5,900
6,000
2,500
53,000
108,000
-33,400
-15,200
-5,900
-59,000
6,000
2,500
53,000
108,000 -59,000 -33,400 -15,200
-5,900
-3,900
-3,900
2,100
2,500
53,000
108,000 -59,000 -33,400 -15,200 -3,900 -5,900
+50,100
2,100
2.500
53,000
158,100 -59,000 -33,400
-15,200
-3,900
-5,900
2,100
2,500
53,000
158, 100 -59,000 -33,400 -15,200
-3,900
-5,900
a. +53,000
b.
Bal. 53,000
C. -3,500
Bal. 49,500
d. +108,000
Bal. 157,500
e. -33,400
Bal. 124,100
f. -21,100
Bal. 103,000
g. -59,000
Bal. 44,000
h.
Bal. 44,000
i.
Bal. 44,000
j. -12,500
Bal. 31,500
+50,100
50,100
50,100
-12,500
-12,500

1
2 Cash
3 Accounts receivable
4 Supplies
5
6
7 Accounts payable
8
9 Common stock
10 Retained earnings
11
12
Assets
Liabilities
Stockholders' Equity
Balance Sheet
July 31, 20Y2
$53,000.00
28,200.00
$31,500.00
50,100.00
2,100.00
$83,700.00
$2,500.00
81,200.00

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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