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Do Statement of Income, Statement in changes and equity and Statement of Financial position. I know this may look like more then 1 question but
Do Statement of Income, Statement in changes and equity and Statement of Financial position. I know this may look like more then 1 question but this is complete 1 question so please solve for these 3.
On July 31,2021 , the general ledger of Oriole Inc. showed these balances: Cash $4,300; Accounts Receivable $1,100; Supplies $1,100; Equipment $5,000; Accounts Payable $4,200; Common Shares $3,400; and Retained Earnings $3,900. During August, the following transactions occurred: Aug. 2 Collected $1,300 of accounts receivable due from customers. 3 Received $700 for issuing common shares to new investors. 6 Paid $2,300 on accounts payable owing. 7 Earned fees of $6,400, of which $3,200 was collected in cash and the remainder was due on account. 13 Purchased additional equipment for $1,200, paying $400 in cash and the balance on account. 17 Paid salaries, $3,200, rent, $900, and advertising expenses, $275, for the month of August. 17 Collected the balance of the fees earned on August 7. 20 Declared and paid $500 of dividends to shareholders. 22 Billed a client $1,000 for legal services provided. 24 Received \$2,400 from Laurentian Bank; the money was borrowed on a bank loan payable that is due in six months. 27 Signed an engagement letter to provide legal services to a client in September for $5,000. 28 Received the utility bill for the month of August in the amount of $275; it is due September 15. 31 Paid income tax for the month, $500. Prepare a statement of financial position as at August 31. (List Current Assets in order of liquidity.) ORIOLEINC. Statement of Financial Position Assets Liabilities and Shareholders' Equity $ $Step by Step Solution
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