subject
Business, 02.09.2020 01:01 QueenNerdy889

Seth Feye established Reliance Financial Services on July 1, 2016. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Assets =Liabilities + Stockholders’ Equity
Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc.
Cash Receivable + Supplies = Payable + Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense
a. +50,000 +50,000
b. +7,000 +7,000
Bal. 50,000 7,000 7,000 50,000
c. -3,600 -3,600
Bal. 46,400 7,000 3,400 50,000
d. +110,000 +110,000
Bal. 156,400 7,000 3,400 50,000 110,000
e. -33,000 -33,000
Bal. 123,400 7,000 3,400 50,000 110,000 -33,000
f. -20,800 -16,000 -4,800
Bal. 102,600 7,000 3,400 50,000 110,000 -33,000 -16,000 -4,800
g. -55,000 -55,000
Bal. 47,600 7,000 3,400 50,000 110,000 -55,000 -33,000 -16,000 -4,800
h. -4,500 -4,500
Bal. 47,600 2,500 3,400 50,000 110,000 -55,000 -33,000 -16,000 -4,500 -4,800
i. +34,500 +34,500
Bal. 47,600 34,500 2,500 3,400 50,000 144,500 -55,000 -33,000 -16,000 -4,500 -4,800
j. -15,000 -15,000
Bal. 32,600 34,500 2,500 3,400 50,000 -15,000 144,500 -55,000 -33,000 -16,000 -4,500 -4,800
Required:
1. Prepare anincome statement for the month ended July 31, 2016. Refer to the lists ofAccounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If there is a net loss, enter that amount as a negative number using a minus sign. You will not need to enter colons (:) on the income statement.
2. Prepare aretained earnings statement for the month ended July 31, 2016. Refer to the lists ofAccounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. "The word "Less" or "Add" is not needed in the Retained Earnings Statement. Enter all amounts as positive numbers.
3. Prepare abalance sheet as of July 31, 2016. Refer to the lists ofAccounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
4. Prepare astatement of cash flows for the month ending July 31, 2016. Refer to the lists ofAccounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Enter amounts that represent cash outflows as a negative number using a minus sign. You will not need to enter colons (:) or the wordDeduct on the financial statements.

ansver
Answers: 1

Another question on Business

question
Business, 21.06.2019 17:10
Four analysts cover the stock of fluorine chemical. one forecasts a 6% return for the coming year. the second expects the return to be negative 6%. the third predicts a return of 8%. the fourth expects a 2% return in the coming year. you are relatively confident that the return will be positive but not large, so you arbitrarily assign probabilities of being correct of 35 % comma 8 %, 17 %, and 40%, respectively, to the analysts' forecasts. given these probabilities, what is fluorine chemicals expected return for the coming year
Answers: 3
question
Business, 22.06.2019 05:00
Identify an organization with the low-total-cost value proposition and suggest at least two possible measures within each of the four balanced scorecard perspectives.
Answers: 3
question
Business, 22.06.2019 18:30
> > objectives define federalism and explain why the framers adopted a federal system instead of a unitary system. categorize powers delegated to and denied to the national government, and powers reserved for and denied to the states, and the difference between exclusive and concurrent powers.
Answers: 1
question
Business, 22.06.2019 20:10
While cell phones with holographic keyboards are currently in the introduction stage of the industry life cycle, tablet computers are in the growth stage. in the context of this scenario, which of the following statements is true? a. the industry for cell phones with holographic keyboards will face greater competition than the tablet industry. b. while the industry for cell phones with holographic keyboards will focus more on product innovation, the tablet industry will focus more on process innovation. c. while the industry for cell phones with holographic keyboards can reap the benefits of economies of scale, the tablet industry will experience no such benefits. d. the industry for cell phones with holographic keyboards will face price competition, whereas, in the tablet industry, the mode of competition will be non-price.
Answers: 2
You know the right answer?
Seth Feye established Reliance Financial Services on July 1, 2016. Reliance Financial Services offer...
Questions