Accounts, Labels and Amount Descriptions Income Statement Statement of Stockholders' Equity Financial statements Seth Feye established Reliance Financial Services on July 1, 20Y2. 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 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. +58,000 +58,000 b +6,300 +6,300 Bal. 58,000 6,300 6,300 58,000 C -3,500 -3,500 Bal. 54,500 6,300 2,800 58,000 d. +110,000 +110,000 Bal. 164,500 6.300 2,800 58,000 110,000 e -33,200 -33 200 Bal 131 300 6.300 2.800. 58.000 110.000 54F O 8:33 AM Instructions Assets Accounts -Liabilities Accounts Common Statement of stockNo Equity + Stockholders' Equity > Fees Salaries Rent Auto Supplies Misc. Cash +Receivable + Supplies - Payable + Stock - Dividends + Earned Expense Expense Expense - Expense Expense a +58,000 +58,000 b. +6,300 +6,300 Bal. 58,000 6,300 6,300 58,000 C. -3,500 -3,500 Bal 54,500 6,300 2,800 58,000 d. +110,000 +110,000 Bal. 164,500 6,300 2,800 58,000 110,000 e. -33,200 -33,200 Bal. 131,300 6,300 2,800 58,000 110,000 -33,200 f. -20,700 -15,800 -4.900 Bal. 110,600 6.300 2,800 58,000 110,000 -33 200 -15.800 -4,900 g -58,000 -58 000 Rol 52.600 6.200 2.200 59.000 110.000 16 800 4.000 4 Accounts, Labels and Amount Descriptions Income Statement Statement of Stockholders' Equity Instructions Bal. 54,500 6,300 2,800 58,000 d. +110,000 +110,000 Bal. 164,500 6,300 2,800 58,000 110,000 e -33,200 -33,200 Bal. 131,300 6.300 2,800 58,000 110,000 33,200 f -20,700 15,800 4,900 Bal 110,600 6,300 2,800 58,000 110,000 -33,200 -15,800 -4,900 g -58,000 58,000 Bal 52,600 6,300 2,800 58,000 110,000 58,000 -33,200 -15,800 -4,900 h. -3,400 -3.400 Bal 52.600 2.900 2,800 58,000 110 000 -58.000 -33 200 -15.800 -3.400 -4,900 1 +50,300 +50.300 Bal 52,600 50,300 2.900 2.800 58 000 160,300 -58 000 33 200 -15.800 3.400 -4,900 J -12 000 -12,000 Bal 40 600 50 300 2.900 2.800 58.000 -12,000 160 300 -58 000 33.200 -15 800 -3.400 -4.900 Instructions j-12,000 -12,000 Bal. 40,600 50,300 2,900 2,800 58,000 -12,000 160,300 -58,000 -33,200 -15,800 -3,400 -4,900 Required: 1. Prepare an income statement for the month ended July 31, 20Y2. Refer to the lists of Accounts, 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 a statement of stockholders' equity for the month ended July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount is zero, enter "0" 3. Prepare a balance sheet as of July 31, 2012. Refer to the lists of Accounts Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. 4. Prepare a statement of cash flows for the month ending July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading Use the minus sign to indicate cash outflows cash payments and decreases in cash You will not need to enter colons () on the financial statements. If an amount is zero enter "0