Aaron Lee established Restart Technology Services on August 1, 2014. The effect of each transaction and the balances after each transaction for August are shown below in the integrated financial statement framework Balance Sheet Assets Liabilities + Stockholders' Equity Common Stock Retained Earnings Cash Land Notes Payable a. Issued common stock 50.000 50,000 b. Feesamed 54,000 54,000 Balanced 104,000 50,000 54,000 Ront expense (5,000) (3.000) Balances 99,000 30.000 49,000 20.000 20,000 dissued notes payable Balances 119,000 20.000 50,000 49,000 Purchased land (80.000 30,000 10,000 20.000 50.000 40.000 Balance t paid opens 39.000 3,000 5,200 3.000 13200 80,000 20.000 30,000 DO Up OG L. Paid expenses (3,800) (3,800) Balances B0,000 20,000 50,000 45.200 35,200 19,200) 0. Pald salary expense 9,200) Balance 26,000 80,000 20,000 30,000 36,000 1. Paid dividends (6.000) (6,000) Balances, Aug. 31 20.000 80,000 20,000 50,000 30,000 Statement of Cash Flows Income Statement a Financing 50,000 b. Fees camed 54,009 b. Operating 54,000 c. Rent expense (5,000) Operating (5,000) Auto expense (2,400) (1,400) 4. Financing Misc. expense 20,000 (80,000) Inwestivo 0. Salary expense 19.200 Operating (3.800) Net income 36,000 Operating 19.200 (6.000 Financing Indah 20.000 Instructions: 1. Prepare an income statement for the month ended August 31, 2014 Restart Technology Services Income Statement For the Month Ended August 31, 2014 Fees earned Operating expenses: Salaries expense Rent expense Automobile expense Miscellaneous expense Total operating expenses Net income 2. Prepare a statement of stockholders equity for the month ended August 31, 2014. If your answer is zero enter"0" Restart Technology Services 2. Prepare a statement of stockholders' equity for the month ended August 31, 2014. If your answer is zero enter "o". Restart Technology Services Statement of Stockholders' Equity For the Month Ended August 31, 2014 Common Stock Retained Earnings Total Balances, August 1, 2014 Issued common stock Net income Dividends Balances, August 31, 2014 2. Prepare a balance sheet as of August 31, 2014. 3. Prepare a balance sheet as of August 31, 20Y4. Restart Technology Services Balance Sheet August 31, 2014 Assets Cash Land Total assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 4. Prepare a statement of cash flows for the month ended August 31, 2014. Use the minus sign to indicate cash outflows, decreases in cash, or cash payments. If your answer is zero enter "o". Restart Technology Services Statement of Cash Flows For the Month Ended August 31, 20Y4 Cash flows from (used for) operating activities: Cash flows from (used for investing activities: Cash flows from (used for) financing activities
