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. +52,000 +52,000 b. +6,200 +6,200 Bal. 52,000 6,200 6,200 52,000 c. -3,400 -3,400 Bal. 48,600 6,200 2,800 52,000 d. +106,000 +106,000 Bal. 154,600 6,200 2,800 52,000 106,000 e. -33,600 -33,600 Bal. 121,000 6,200 2,800 52,000 106,000 -33,600 f. -21,300 -14,400 -6,900 Bal. 99,700 6,200 2,800 52,000 106,000 -33,600 -14,400 -6,900 g. -60,000 -60,000 Bal. 39,700 6,200 2,800 52,000 106,000 -60,000 -33,600 -14,400 -6,900 h. -3,800 -3,800 Bal. 39,700 2,400 2,800 52,000 106,000 -60,000 -33,600 -14,400 -3,800 -6,900 i. +50,600 +50,600 Bal. 39,700 50,600 2,400 2,800 52,000 156,600 -60,000 -33,600 -14,400 -3,800 -6,900 j. -10,000 -10,000 Bal. 29,700 50,600 2,400 2,800 52,000 -10,000 156,600 -60,000 -33,600 -14,400 -3,800 -6,900 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".

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. +52,000 +52,000 b. +6,200 +6,200 Bal. 52,000 6,200 6,200 52,000 c. -3,400 -3,400 Bal. 48,600 6,200 2,800 52,000 d. +106,000 +106,000 Bal. 154,600 6,200 2,800 52,000 106,000 e. -33,600 -33,600 Bal. 121,000 6,200 2,800 52,000 106,000 -33,600 f. -21,300 -14,400 -6,900 Bal. 99,700 6,200 2,800 52,000 106,000 -33,600 -14,400 -6,900 g. -60,000 -60,000 Bal. 39,700 6,200 2,800 52,000 106,000 -60,000 -33,600 -14,400 -6,900 h. -3,800 -3,800 Bal. 39,700 2,400 2,800 52,000 106,000 -60,000 -33,600 -14,400 -3,800 -6,900 i. +50,600 +50,600 Bal. 39,700 50,600 2,400 2,800 52,000 156,600 -60,000 -33,600 -14,400 -3,800 -6,900 j. -10,000 -10,000 Bal. 29,700 50,600 2,400 2,800 52,000 -10,000 156,600 -60,000 -33,600 -14,400 -3,800 -6,900 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".

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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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.	+52,000				+52,000
b.			+6,200	+6,200

Bal.	52,000		6,200	6,200	52,000
c.	-3,400			-3,400

Bal.	48,600		6,200	2,800	52,000
d.	+106,000						+106,000

Bal.	154,600		6,200	2,800	52,000		106,000
e.	-33,600								-33,600

Bal.	121,000		6,200	2,800	52,000		106,000		-33,600
f.	-21,300									-14,400		-6,900

Bal.	99,700		6,200	2,800	52,000		106,000		-33,600	-14,400		-6,900
g.	-60,000							-60,000

Bal.	39,700		6,200	2,800	52,000		106,000	-60,000	-33,600	-14,400		-6,900
h.			-3,800								-3,800

Bal.	39,700		2,400	2,800	52,000		106,000	-60,000	-33,600	-14,400	-3,800	-6,900
i.		+50,600					+50,600

Bal.	39,700	50,600	2,400	2,800	52,000		156,600	-60,000	-33,600	-14,400	-3,800	-6,900
j.	-10,000					-10,000

Bal.	29,700	50,600	2,400	2,800	52,000	-10,000	156,600	-60,000	-33,600	-14,400	-3,800	-6,900

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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