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An analysis of the transactions made by Foley & Co, a certified public accounting firm, for the month of August, its first month of operations
An analysis of the transactions made by Foley & Co, a certified public accounting firm, for the month of August, its first month of operations is shown below. Assets Liabilities + Stod Accounts Receivable + Accounts Payable + Supplies Equipment Common Stock +$15,000 Revenues Ex 1. 2 3. +$5,000 +$3,000 +$750 + $4,500 Cash +$15.000 -2,000 -750 +4,900 - 1,500 -2,000 -850 +450 -3.900 +$9.400 5. - 1,500 6. 7. 8. 9. -450 10. 500 An analysis of the transactions made by Foley & Co, a certified public accounting firm, for the month of August, its first month of operations is shown below. Liabilities Stockholders' Equity Retained Earnings Accounts Payable es Equipment Common Stock +$15.000 Revenues Expenses Dividend +55.000 $2,000 30 59,400 Service Revenue - 1.500 $2.000 $850 Rent Experise -3.900 -500 Salariew Wages Expense Utilities Expense +500 Prepare an income statement for August. Foley & Co. Income Statement August 31, 2020 For the Year Ended August 31, 2020 For the Month Ended August 31, 2020 e Textbook and Media Question 10 of 10 -/50 (a) Prepare an income statement for August. Foley & Co. Income Statement Dividends Expenses Net Income /(Loss) Retained earnings, August 1 Retained earnings, August 31 Revenues Total Expenses Total Revenues Investment e Textbook and Media List of Accounts Prepare an income statement for August. Foley & Co Income Statement Dividends Expenses Net Income /(Loss) Retained earnings, August 1 Retained earnings. August 31 Revenues Total Expenses Total Revenues Investment $ eTextbook and Media List of Accounts Attempts unlimited Submit A uestion 10 of 10 -/50 Ini (a) Prepare an income statement for August. Foley & Co. Income Statement $ $ Dividends Expenses Net Income / Loss) Retained earnings. August 1 Retained earnines August 31 Revenues Total Edipenses Total Revenues imestent Svefolter Attempts: unlimited Sunit A (b) - 2 3 (a) Prepare an income statement for August Foley & Co. Income Statement $ $ Dividends Den Net Income / 11.05 Retained earnings August 1 Retained nines. Aut 1 Revenues Total Domes Total Revenues Attempts unlimited Sutit Awe
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