Question

balances after each transaction for July tollow Assets Liabilities + Stockholders' Equity Accounts Accounts Common Fees Salaries RentAutoSupplies Misc. Cash Receivable +Supplies Payable Stock -Dividends Earned -Expense -Expense -Ex pense -Expense-Expense a 50,000 50,000 7,000+7,000 Bal 50,000 7,000 7,00050,000 c. -3,600 3,600 Bal 46,400 7,000 3,400 50000 d110,000 Bal 156,400 e -33,000 Bal 123,400 1 20,800 al 102,600 9 55,000 Bal 47,600 110,000 7,000 3,400 50,000 110,000 -33,000 7,000 3,400 50,000 110,000 33,000 16,000 4,800 7,0003,40090,000 10,000 33,000 -16,000 4,800 55,000 7,000 40050,000 110,00055.000 -33,000 16,000 4800 4,500 4500

Answer 1

1)	Reliance Financial Services
	Income Statement
	For the Month Ended July 31, 2018
	Revenue
	Fees Earned		$ 1,44,500.00
	Less: Expenses
	Salaries Expenses	$     55,000.00
	Rent Expenses	$     33,000.00
	Auto Expenses	$     16,000.00
	Supplies Expenses	$       4,500.00
	Misc. Expenses	$       4,800.00
	Total Expense		$ 1,13,300.00
	Net Income		$     31,200.00
2)
	Reliance Financial Services
	Retained Earning Statement
	For the Month Ended July 31, 2018
	Retained Earning at the beginning	$                  -
	Net Income	$     31,200.00
	Dividend	$     15,000.00
	Retained Earning at the end	$     16,200.00
3)
	Reliance Financial Services
	Balance Sheet
	July 31,2018
	Assets
	Cash	$     32,600.00
	Accounts Receivables	$     34,500.00
	Supplies	$       2,500.00
	Total Assets		$     69,600.00
	Liabilities
	Accounts Payable		$       3,400.00
	Owner's Equity
	Common Stock	$     50,000.00
	Retained Earnings	$     16,200.00	$     66,200.00
	Total Liabilities and Owner's Equity		$     69,600.00
4)
	Reliance Financial Services
	Statement of Cash Flows
	For the Month Ended July 31, 2018
	Cash flow from operating Activities
	Cash Received from Customers	$ 1,10,000.00
	Less: Cash payment for Expenses and Payment to Creditors (3600+ 20800+33000+55000)	$ -1,12,400.00
	Net Cashflow used for Operating Activities		$      -2,400.00
	Cash Flow From Financing Activities		$0
	Cash Flow From Investing Activities
	Issued Common Stock	$     50,000.00
	Dividend Paid	$    -15,000.00
	Net cash flow used for Financing Activities		$     35,000.00
	Net Increase in Cash,Balance on July 31,2018		$     32,600.00
1)	Reliance Financial Services
	Income Statement
	For the Month Ended July 31, 2018
	Revenue
	Fees Earned		$ 1,44,500.00
	Less: Expenses
	Salaries Expenses	$     55,000.00
	Rent Expenses	$     33,000.00
	Auto Expenses	$     16,000.00
	Supplies Expenses	$       4,500.00
	Misc. Expenses	$       4,800.00
	Total Expense		$ 1,13,300.00
	Net Income		$     31,200.00
2)
	Reliance Financial Services
	Retained Earning Statement
	For the Month Ended July 31, 2018
	Retained Earning at the beginning	$                  -
	Net Income	$     31,200.00
	Dividend	$     15,000.00
	Retained Earning at the end	$     16,200.00
3)
	Reliance Financial Services
	Balance Sheet
	July 31,2018
	Assets
	Cash	$     32,600.00
	Accounts Receivables	$     34,500.00
	Supplies	$       2,500.00
	Total Assets		$     69,600.00
	Liabilities
	Accounts Payable		$       3,400.00
	Owner's Equity
	Common Stock	$     50,000.00
	Retained Earnings	$     16,200.00	$     66,200.00
	Total Liabilities and Owner's Equity		$     69,600.00
4)
	Reliance Financial Services
	Statement of Cash Flows
	For the Month Ended July 31, 2018
	Cash flow from operating Activities
	Cash Received from Customers	$ 1,10,000.00
	Less: Cash payment for Expenses and Payment to Creditors (3600+ 20800+33000+55000)	$ -1,12,400.00
	Net Cashflow used for Operating Activities		$      -2,400.00
	Cash Flow From Financing Activities		$0
	Cash Flow From Investing Activities
	Issued Common Stock	$     50,000.00
	Dividend Paid	$    -15,000.00
	Net cash flow used for Financing Activities		$     35,000.00
	Net Increase in Cash,Balance on July 31,2018		$     32,600.00