Seth Feye established Reliance Financial Services on July 1, 2018. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow:

Instructions
1. Prepare an income statement for the month ended July 31, 2018.
2. Prepare a retained earnings statement for the month ended July 31, 2018.
3. Prepare a balance sheet as of July 31, 2018.
4. Prepare a statement of cash flows for the month ending July 31, 2018.

Transcribed Image Text:

Assets Auto Supplies Misc Cash Receivable +Supplies Payable StockDividendsEamedExpense -Expense-Expense Expense Expense D. +110,000 10,000 10,000 55,000 33,000 6,000 10,000 55,000 33,000 -16,000 -500 -4800 +34,500 44,500 55,000 33,000 6,000 4500 -15,000 5,000 4500 144500 55,000 6,000 4500 800