Question
Financial Statements ( I need last part (4) as sson as possible) please do all part thanks Jose Loder established Bronco Consulting on August 1,
Financial Statements ( I need last part (4) as sson as possible) please do all part thanks
Jose Loder established Bronco Consulting on August 1, 2019. The effect of each transaction and the balances after each transaction for August follow:
Assets | = | Liabilities + | Owner's Equity | |||||||||||
Cash + | Accounts Receivable + | Supplies | = | Accounts Payable + | Jose Loder Capital - | Jose Loder Drawing + | Fees Earned - | Salaries Expense - | Rent Expense - | Auto Expense - | Supplies Expense - | Misc. Expense | ||
a. | +24,790 | +24,790 | ||||||||||||
b. | +2,160 | +2,160 | ||||||||||||
Bal. | 24,790 | 2,160 | 2,160 | 24,790 | ||||||||||
c. | +24,290 | +24,290 | ||||||||||||
Bal. | 49,080 | 2,160 | 2,160 | 24,790 | 24,290 | |||||||||
d. | -6,700 | -6,700 | ||||||||||||
Bal. | 42,380 | 2,160 | 2,160 | 24,790 | 24,290 | -6,700 | ||||||||
e. | -1,040 | -1,040 | ||||||||||||
Bal. | 41,340 | 2,160 | 1,120 | 24,790 | 24,290 | -6,700 | ||||||||
f. | +17,100 | +17,100 | ||||||||||||
Bal. | 41,340 | 17,100 | 2,160 | 1,120 | 24,790 | 41,390 | -6,700 | |||||||
g. | -4,710 | -3,220 | -1,490 | |||||||||||
Bal. | 36,630 | 17,100 | 2,160 | 1,120 | 24,790 | 41,390 | -6,700 | -3,220 | -1,490 | |||||
h. | -9,900 | -9,900 | ||||||||||||
Bal. | 26,730 | 17,100 | 2,160 | 1,120 | 24,790 | 41,390 | -9,900 | -6,700 | -3,220 | -1,490 | ||||
i. | -1,200 | -1,200 | ||||||||||||
Bal. | 26,730 | 17,100 | 960 | 1,120 | 24,790 | 41,390 | -9,900 | -6,700 | -3,220 | -1,200 | -1,490 | |||
j. | -6,200 | -6,200 | ||||||||||||
Bal. | 20,530 | 17,100 | 960 | 1,120 | 24,790 | -6,200 | 41,390 | -9,900 | -6,700 | -3,220 | -1,200 | -1,490 |
Required:
1. Prepare an income statement for the month ended August 31, 2019.
Bronco Consulting | ||
Income Statement | ||
For the Month Ended August 31, 2019 | ||
Fees earned | $ | |
Expenses: | ||
Salaries expense | $ | |
Rent expense | ||
Auto expense | ||
Supplies expense | ||
Miscellaneous expense | ||
Total expenses | ||
Net income | $ |
2. Prepare a statement of owner's equity for the month ended August 31, 2019. If an answer is zero, enter "0".
Bronco Consulting | ||
Statement of Owner's Equity | ||
For the Month Ended August 31, 2019 | ||
Jose Loder, capital,August 1, 2019 | $ | |
Investment on August 1, 2019 | $ | |
Net income for August | ||
Withdrawals | ||
Increase in owner's equity | ||
Jose Loder, capital, August 31, 2019 | $ |
3. Prepare a balance sheet as of August 31, 2019. When entering assets, enter them in order of liquidity.
Bronco Consulting | |
Balance Sheet | |
August 31, 2019 | |
Assets | |
Cash | $ |
Accounts receivable | |
Supplies | |
Total assets | $ |
Liabilities | |
Accounts payable | $ |
Owner's Equity | |
Jose Loder, capital | |
Total liabilities and owner's equity | $ |
4. Prepare a statement of cash flows for the month ending August 31, 2019. For those boxes in which no entry is required, enter "0". Use the minus sign to indicate cash outflows, cash payments, and decreases in cash.
Bronco Consulting | ||
Statement of Cash Flows | ||
For the Month Ended August 31, 2019 | ||
Cash flows from operating activities: | ||
Cash receipts from customers | $ | |
Cash payments for expenses and payments to creditors | ||
Net cash flow used for operating activities | $ | |
Cash flows from investing activities | ||
Cash flows from financing activities: | ||
Cash receipt as owner's investment | $ | |
Cash withdrawal by owner | ||
Net cash flow from financing activities | ||
Net increase in cash and August 31, 2019, cash balance | $ |
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