Question

ANSWER FOR NUMBER 4
Chapter 1 Homework eBook • Calculator 1. EX.01.01 Financial Statements Jose Loder established Bronco Consulting on August 1, 20Y1. The effect of each transaction and the balances after each transaction for August follow: 2. EX.01.04 Assets = Liabilities + Stockholders' Equity 3. EX.01.06 Accounts Cash + Accounts Receivable + Supplies = Common - Dividends + Stock +75,000 Fees Earned Salaries Expense Rent Expense Auto Expense Supplies Expense Misc. Expense Payable 4. EX.01.08 a. +75,000 5. EX.01.11 +9,000 +9,000 9,000 9,000 75,000 6. EX.01.12 +92,000 Bal. 75,000 C. +92,000 Bal. 167,000 d. -27,000 7. EX.01.13 9,000 9,000 75,000 92,000 -27,000 8. EX.01.16 Bal. 140,000 9,000 75,000 92,000 -27,000 9,000 -6,000 9. EX.01.17 e. -6,000 Bal. 134,000 9,000 3,000 75,000 92,000 -27,000 10. EX.01.18 +33,000 +33,000 11. PR.01.03B 33,000 9,000 3,000 75,000 125,000 -27,000 -15,500 -7,500 Bal. 134,000 g. -23,000 Bal. 111,000 h. -58,000 Bal. 53,000 33,000 9,000 3,000 75,000 125,000 -27,000 -15,500 -7,500 -58,000 -58,000 33,000 3,000 75,000 125,000 -27,000 -15,500 -7,500 9,000 -6,100 -6,100 33,000 2,900 3,000 75,000 125,000 -58,000 -27,000 -15,500 -6,100 -7,500 Bal. 53,000 j. -5,000 Bal. 48,000 Required: -5,000 -5,000 33,000 2,900 3,000 75,000 125,000 -58,000 -27,000 -15,500 -6,100 -7,500 1. Prepare an income statement for the month ended August 31, 20Y1. Bronco Consulting Income Statement For the Month Ended August 31, 2041 $ Fees earned 125,000 Expenses: Check My Work Previous Progress: 11/11 items

Answer 1

-22,000 Bronco Consulting Statement of Cash Flows For the Month Ended August 31, 20Y1 Cash flows from (used for) operating activities: Cash received from customers $ 92,000 Cash paid for expenses and to creditors $ 114,000 Net cash flows used for operating activities Cash flows from (used for) investing activities: Cash flows from (used for) financing activities: Cash received from issuing common stock 75,000 Cash paid for dividends -5,000 Net cash flows from financing activities Net increase in cash Cash balance, August 1, 20Y1 Cash balance, August 31, 20Y1 70,000 48,000 48,000