Financial Statements Jose Loder established Bronco Consulting on August 1, 20Y1. The effect of each transaction and the balances after each transaction for August follow: Assets Liabilities + Cash + Accounts Receivable + Supplies Accounts Payable + Common Stock Dividends + Fees Earned Stockholders' Equity Salaries Rent Auto Expense Expense Expense Supplies Expense Misc. Expense a. +35,100 +35,100 b. +3,050 +3,050 Bal. 35,100 3,050 3,050 35,100 C. +34,400 +34,400 Bal. 69,500 3,050 3,050 35,100 34,400 d. -9,500 -9,500 Bal. 60,000 3,050 3,050 35,100 34,400 -9,500 e. -1,470 -1,470 Bal. 58,530 3,050 1,580 35,100 34,400 -9,500 f. +24,200 +24,200 Bal. 58,530 24,200 3,050 1,580 35,100 58,600 -9,500 g. -6,670 -4,560 -2,110 Bal. 51,860 24,200 3,050 1,580 35,100 58,600 -9,500 -4,560 -2,110 h. -14,000 -14,000 Bal. 37,860 24,200 3,050 1,580 35,100 58,600 -14,000 -9,500 -4,560 -2,110 i. -1,800 -1,800 Bal. 37,860 24,200 1,250 1,580 35,100 58,600 -14,000 -9,500 -4,560 -1,800 -2,110 j. -8,800 -8,800 Bal. 29,060 24,200 1,250 1,580 35,100 -8,800 58,600 -14,000 -9,500 -4,560 -1,800 -2,110 Required: 1. Prepare an income statement for the month ended August 31, 20Y1. 1. Prepare an income statement for the month ended August 31, 20Y1. Bronco Consulting Income Statement For the Month Ended August 31, 20Y1 Fees earned Expenses: Salaries expense $14,000 Rent expense 9,500 Auto expense 4,560 Supplies expense 1,800 Miscellaneous expense 2,110 Total expenses Net income 58,600 41,430 34,390 2. Prepare a statement of stockholders' equity for the month ended August 31, 20Y1. If an answer 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, 20Y1 Common Stock Retained Earnings Total Balances, August 1, 20Y1 0 0 0 Common stock 0 x 3,050 0 Net income 0 34,390 x 34,390 Dividends 0 -11,400 x -11,400 x Balances, August 31, 20Y1 45,430 x 22,990 x 68,420 3. Prepare a balance sheet as of August 31, 20Y1. When entering assets, enter them in order of liquidity. Bronco Consulting Balance Sheet August 31, 20Y1 Cash Accounts receivable Supplies Total assets Assets Liabilities 1,250 29,060 24,200 54,510 Accounts payable 1.580 Stockholders' Equity Common stock Dividends X 35,100 8,800 x Total stockholders' equity Total liabilities and stockholders' Equity 43,900 36,680 x 4. Prepare a statement of cash flows for the month ending August 31, 20Y1. 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, 20Y1 Cash flows from (used for) operating activities: Cash received from customers Cash paid for expenses and to creditors Net cash flows from operating activities Cash flows from (used for) investing activities: Cash flows from (used for) financing activities: Cash received from issuing common stock Cash paid for dividends Net cash flows from financing activities Net increase in cash Cash balance, August 1, 20Y1 Cash balance, August 31, 20Y1 34,400 8,800 x $ 45,430 X -11,400 x 3,480 34,030 $24,200 35,100 x 29,060