Calculator Financial statements We-Sell Realty was organized as a corporation on August 1, 2017, by the issuance of common stock of $15,000. We Sell Realty is owned and operated The following statements for We-Sell Realty were prepared after its first month of operations: We-Sell Realty Income Statement August 31, 2017 Sales commissions $140,000 Expenses: $87,000 Office salaries expense Rent expense Automobile expense Miscellaneous expense 18,000 7,500 2,200 1,150 Supplies expense Total expenses (115,850) Net income $25,000 Omar Farah Statement of Stockholders' Equity For the Year Ended August 31, 20Y6 Retained Earnings Balances, August 1, 2017 $0 Net income 25,000 Total 25,000 Check My Work 1 more Check My Work uses remaining All work saved Omar Farah Statement of Stockholders' Equity For the Year Ended August 31, 2016 Retained Earnings Balances, August 1, 2017 Net income 25,000 Dividends (10,000) Balances, August 31, 2017 $ 15,000 $ 0 S Total $0 25,000 (10,000) $15,000 Balance Sheet For the Month Ended August 31, 2017 Assets Asset Cash $8,900 $8,900 22,350 Accounts payable Total assets 22,350 $31,250 Liabilities $38,600 Accounts receivable Supplies Stockholders' Equity 4 ,000 30,000 Retained earnings Total liabilities and stockholders' equity $72,600 b2. Prepare a statement of stockholders' equity for the month ended August 31, 2017. If an amount is zero, enter "o". Organic Products Company Statement of Stockholders' Equity For the Month Ended August 31, 2017 Common Stock Retained Earnings Total Balances, August 1, 2017 Issued common stock 10.000 Net Income Miscellaneous expense 10,000 Balances, August 31, 2017 $ 29,150 Feedback Chea My Woo Partially correct b3. Prepare a balance sheet as of August 31, 2017 We-Sell Realty Balance Sheet August 31, 2017 Assets Cash $ 8.900 Check My Work 1 more Check My Work uses remaining All work saved. We-Sell Realty Balance Sheet August 31, 20Y7V Assets Cash 8.900 Accounts payable x 22,350 Supplies 4,000 $ 31,250 Total assets Liabilities Accounts receivable x $ 38,600 Accounts payable x Stockholders' Equity 4,000 X Retained earnings 30,000 X Total stockholders' equity 29,150 $ 72,600 X Total abilities and stockholders' equity Partially correct