ANSWERS FOR NUMBER 2

Chapter 1 Homework eBook Calculator ,000 Bal. 40,000 2,900 UUU RUUU U UU TOUUU UUU -27,00 UU UUU -puu 1. EX.01.01 Required: 2. EX.01.04 1. Prepare an income statement for the month ended August 31, 20Y1. 3. EX.01.06 Bronco Consulting Income Statement For the Month Ended August 31, 20Y1 $ 4. EX.01.08 Fees earned 125,000 5. EX.01.11 Expenses: Salaries expense $ 58,000 6. EX.01.12 Rent expense -27,000 Auto expense 7. EX.01.13 -15,500 Supplies expense -6,100 8. EX.01.16 Miscellaneous expense V 7,500 9. EX.01.17 Total expenses 114,100 10. EX.01.18 Net income 10,900 11. PR.01.03B Feedback Check My Work 1. An income statement reports the revenues and expenses. When revenues are larger than the expenses, the difference is net income. 2. Prepare a statement of stockholders' equity for the month ended August 31, 20Y1. If an amount is zero, enter "0". If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Bronco Consulting Statement of Stockholders' Equity For the Month Ended August 31, 2011 Common Stock Retained Earnings Balances, August 1, 2011 $ Total Issued common stock Net income Dividends Balances, August 31, 2011 Check My Work