2UV p2-2 Transactions and financial statements James Nesbitt established Up-Date Computer Services on August 1, 20Y4. The effect of each transaction and the balances after each transaction for August are shown tatow TC integrated finement statement framework Instructions 1. Prepare an income statement for the month ended August 31, 2014 2. Prepare a statement of stockholders equity for the month ended August 31, 2014. 3. Prepare a balance sheet as of August 31, 2014 4. Prepare a statement of cash flows for the month ended August 31, 2014 Financial Statement Effects Assets BALANCE SHEET Liabilities + Stockholders' Equity Notes Common Retained Payable + Stock Earnings Cash Land + 25,000 25,000 27000 52,000 12,500) 49,500 25,000 27,000 27,000 (2,500) 24,500 25,000 10,000 10,000 25,000 24,500 a. Issued common stock b. Fees earned Balances c. Rent expense Balances d Issued notes payable Balancos 6. Purchased land Balances Paid expenses Balances g. Pad salary expense Balances 1. Paid dividends Balances, Aug. 31 10,000 59,500 (43,000) 19,500 11,9001 17,600 40,000 40,000 10.000 25,000 24,500 (1.900) 22.000 40.000 10.000 25,000 40,000 10,000 25,000 $4,600 13,000 13,000 10.000 (1.800) 18,000 13.000) 15.000 40.000 10,000 25,000 40.000 10,000 NOUV 13,000 13,000) 10,000 Balances . Paid dividends Balances Aug. 31 25,000 ONUN 18,000 13,000) 13,000 40,000 10.000 25,000 STATEMENT OF CASH FLOWS a. Financing 25,000 b. Operating 22000 Operating 12,5001 d. Financing 10,000 B. Investing 140,000) F. Operating 3,900) 9. Operating 14,600] 2. Financing 13,000) thcrease in cash 10.000 INCOME STATEMENT b. Fees earned 27.000 C. Rent expense 2,500) Auto expense (1.230 Misc. expensa 17001 g. Salary expense 14.000 Net income 18,000 2