Question

obj. 5 each transaction PR 1-3B Financial statements t income: Jose Loder established Bronco Consulting on August 1, 2018. The effect of $10,900 1. Net and the balances after each transaction for August follow: Stockholders' Equity Assets Liabilities+ Fees Salaries RentAuto Supplies Misc Accounts Accounts Common Cash + Receivable + Supplies = Payable + Stock -Dividends + Earned -Expense-Expense-Expense-Expense-Expense +75,000 A. +75,000 B. Bal. 75,000 С. +92.000 Bal. 167,000 D. -27,000 Bal 140,000 E. 6,000 Bal. 134,000 +9,000 9.000 9,000 9,000 75,000 +92,000 92,000 9,000 9,000 75,000 27,000 -27,000 75,000 92,000 9,000 6,000 3,000 9,000 75,000 92,000 +33,000 125,000 -27,000 +33,000 Bal. 134,000 33,000 G. -23,000 Bal. 111,000 33,000 H 58,000 Bal 53,000 33,000 9,000 3,000 75,000 -27,000 -15,500 -27,000 -15,500 -7,500 -7,500 9,000 3,000 75,000 125,000 58,000 9,0003,000 75,000 6,100 2,900 3,000 75,000 25,000-58,000 27,000 -15,500 -7,500 6,100 Bal 53,000 33,000 J. 5,000 125,000 -58,000 -27,000 -15,500 -6,100 7500 5,000 Bal. 48,000 33,000 3,000 75,000 0 125,000 58,000 27000 -15,500 -6,100 2.900 6,100-7,500 Instructions 1. Prepare an income statement for the month ended August 31, 2018. 2. Prepare a retained earnings statement for the month ended August 31, 2018. 3. Prepare a balance sheet as of August 31, 2018. 4. (Optional) Prepare a statement of cash flows for the month ending August 31, 2018. EXCEL TEMPLATE

Answer 1

Bronco Consulting 1. Income Statement for the month ended Au 3. Balance Sheet for the month ended August 2018 t 2018 Amount ($) Amount ($ Cash Flow Statements (Diract Mathod) Particulars Particulars Amount (S) Amount (S) Particulars Amount (S) Amount ($) and Labilities Revenue from O Other Incomc Total tions Fees Earned 125000 A. E Fees Earned Salary Expenses Paid Rent Expenses Paid Auto Expenses Paid Mise Expenses Pai Paid to Payables Nct Cash Provided 92000 58000 -27000 15500 7500 1. Common Stock 2. Retained Earnings 75000 5900 125000 B. Current Liabilities Accounts Payable Expense ODC 83900 Total Salarics Exp Rent Auto Expenses 58000 27000 15500 6100 7500 rating activitiCs 220 Assets Cash flow from Investine activitles Current Assets Misc Expcnscs Total . Cash 2. Accounts Receivables 43000 33000 2900 83900 Cash flow from financing activitics Dividend Paid 111100 SODO 75000 Corrimon Stock Net Cash Provlded Usedl by financine actlvitles Net Income 10900 Total Net increase(decrease in cash 48D0O 2. Statement of Retained Earnings for the month of August 2018 Particulars Net Income as per Income Statement Above Less: Dlvldend Pald Retained Earnings innig Cash Balance Amount ($ Amount ($] Ending Cash Balance 48000 0900 5000 5900