Question

Calculator Financial statements We-Sell Realty was organized as a corporation on August 1, 2017, by the issuance of common stock of $15,000. We Sell Realty is owned and operated The following statements for We-Sell Realty were prepared after its first month of operations: We-Sell Realty Income Statement August 31, 2017 Sales commissions $140,000 Expenses: $87,000 Office salaries expense Rent expense Automobile expense Miscellaneous expense 18,000 7,500 2,200 1,150 Supplies expense Total expenses (115,850) Net income $25,000 Omar Farah Statement of Stockholders' Equity For the Year Ended August 31, 20Y6 Retained Earnings Balances, August 1, 2017 $0 Net income 25,000 Total 25,000 Check My Work 1 more Check My Work uses remaining All work saved

Answer 1

b-2)

ORGANIC PRODUCTS COMPANY STATEMENT OF STOCKHOLDERS EQUITY FOR THE MONTH ENDED AUGUST 31 ,20Y7
	Common stock	Retained earning	Total
Balance ,August 1,20Y7	0	0	0
Issue of common stock	15000	0	15000
Net income	0	24150	24150
Dividend	0	-10000	-10000
Balance ,August 31 20Y7	15000	14150	29150

B-3)

ORGANIC PRODUCTS COMPANY BALANCE SHEET AUGUST 31 ,20Y7
ASSETS
Cash		8900
Accounts receivable		38600
supplies		4000
Total asset		51500
LIABILITIES
Accounts payable		22350
STOCKHOLDERS EQUITY
Common stock	15000
Retained earning	14150
Total stockholders equity		29150
Total liabilities and stockholders equity		51500