Question

Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following accounts and amounts for the month of August. Cash Accounts receivable Office supplies Land office equipment Accounts payable $ 25,330 C. Camry, withdrawals 22,330 Consulting fees earned 5,210 Rent expense 43,980 Salaries expense 19,970 Telephone expense 10,730 Miscellaneous expenses $ 5,960 26,970 9,510 5,580 840 490 Exercise 2-16 Preparing an income statement LO C3, P3 Use the above information to prepare an August income statement for the business. HELP TODAY Income Statement As of August 31

Answer 1

$ 26,970 HELP TODAY Income Statement For the Month ending August 31 Revenue Consulting fee Earned $ 26,970 Total revenue Expenses : Rent Expenses $ 9,510 Salaries Expenses $ 5,580 Telephone Expenses $ 840 Miscellenious Expenses $ 490 Total expenses Net Income $ 16,420 $ 10,550

HELP TODAY Balance Sheet As on August 31 Liabilities $ 25,330 $ 22.330 $ 5,210 $ 10.730 $ 10,730 Assets Current assets : Cash Accounts Receivables Office Supplies Total current assets Property. Plant and Equipment Land Office Equipment Total Property, plant and Equipment Total Assets $ 52,870 Current Liabilities Accounts Payable Total current Liabilities Long Term Liabilities Total liabilities Owners Equity c.Camary capital Total Shareholders Equity S 10.730 $106.090 43980 19970 $106.090 $ 63,950 $116,820 Total Liabilities and shareholders Equity $116,820

HELP TODAY Owner's equity For the Month ending August 31 Opening capital balance of c. camry capital Add: Net Income $ 101,500 $ 10,550 $112,050 $ 5,960 $ 106,090 Less.c. camry withdrawels Closing capital balance of c. camry capital