Financial Statements

Jose Loder established Bronco Consulting on August 1, 20Y2. 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.+44,480 +44,480 b. +3,870 +3,870 Bal.44,480 3,870 3,870 44,480 c.+43,590 +43,590 Bal.88,070 3,870 3,870 44,480 43,590 d.-12,000 -12,000 Bal.76,070 3,870 3,870 44,480 43,590 -12,000 e.-1,870 -1,870 Bal.74,200 3,870 2,000 44,480 43,590 -12,000 f. +30,700 +30,700 Bal.74,200 30,700 3,870 2,000 44,480 74,290 -12,000 g.-8,450 -5,780 -2,670 Bal.65,750 30,700 3,870 2,000 44,480 74,290 -12,000 -5,780 -2,670 h.-17,800 -17,800 Bal.47,950 30,700 3,870 2,000 44,480 74,290 -17,800 -12,000 -5,780 -2,670 i. -2,200 -2,200 Bal.47,950 30,700 1,670 2,000 44,480 74,290 -17,800 -12,000 -5,780 -2,200 -2,670 j.-11,100 -11,100 Bal.36,850 30,700 1,670 2,000 44,480 -11,100 74,290 -17,800 -12,000 -5,780 -2,200 -2,670

Required:

Question Content Area

1. Prepare an income statement for the month ended August 31, 20Y2.

Accounts receivableAccounts payableCashJose Loder, capitalJose Loder, drawingFees earned $- Select -Expenses: Accounts payableAccounts receivableJose Loder, capitalJose Loder, drawingSalaries expenseSupplies$- Select - Accounts receivableCashFees earnedRent expenseJose Loder, capitalJose Loder, drawing- Select - Accounts payableAccounts receivableAuto expenseCashJose Loder, capitalSupplies- Select - Accounts payableCashFees earnedJose Loder, drawingSupplies expenseSupplies- Select - Accounts payableCashFees earnedJose Loder, capitalJose Loder, drawingMiscellaneous expenseSupplies- Select - Total expenses fill in the blank 2977d803a007ff3_13Accounts payableCashFees earnedNet incomeNet loss $- Select -

Question Content Area

2. Prepare a statement of owner's equity for the month ended August 31, 20Y2. If an answer is zero, enter "0".

Accounts payableJose Loder, capital, August 1, 20Y2Jose Loder, capital, August 31, 20Y2WithdrawalsCash $- Select -Accounts receivableJose Loder, capital, August 1, 20Y2Jose Loder, capital, August 31, 20Y2CashInvestment on August 1, 20Y2$- Select - Jose Loder, capital, August 1, 20Y2Jose Loder, capital, August 31, 20Y2Net income for AugustNet loss for August- Select - Jose Loder, capital, August 1, 20Y2Jose Loder, capital, August 31, 20Y2CashWithdrawals- Select - CashDecrease in owner's equityIncrease in owner's equityJose Loder, capital, August 1, 20Y2Jose Loder, capital, August 31, 20Y2 - Select -Jose Loder, capital, August 1, 20Y2Jose Loder, capital, August 31, 20Y2CashInvestment onAugust 1, 20Y2Net income for August $- Select -

Question Content Area

3. Prepare a balance sheet as of August 31, 20Y2. When entering assets, enter them in order of liquidity.

AssetsAccounts payableAuto expenseCashFees earnedJose Loder, capitalJose Loder, drawing$- Select -Accounts payableAccounts receivableJose Loder, capitalJose Loder, drawingMiscellaneous expenseRent expense- Select -Accounts payableFees earnedJose Loder, capitalJose Loder, drawingSupplies expenseSupplies- Select -Total assets$fill in the blank d4a057fca04efe2_7LiabilitiesAccounts payableAccounts receivableCashJose Loder, capitalSupplies expenseFees earned$- Select -Owner's EquityAccounts payableCashJose Loder, capitalJose Loder, drawingMiscellaneous expenseRent expense- Select -Total liabilities and owner's equity$fill in the blank d4a057fca04efe2_12

Question Content Area

4. Prepare a statement of cash flows for the month ending August 31, 20Y2. 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.

Cash flows from (used for) operating activities: Cash received from owner as investmentCash received from customersCash withdrawal by owner$- Select - Cash received as owner's investmentCash paid for expenses and to creditorsCash withdrawal by owner- Select - Net cash flow from operating activitiesNet cash flow used for operating activities $- Select -Cash flows from (used for) investing activities fill in the blank 07f79afe6f9bfa1_7Cash flows from (used for) financing activities: Cash received from owner as investmentCash received from customersCash paid for expenses and to creditors$- Select - Cash received from customersCash paid for expenses and to creditorsCash withdrawal by owner- Select - Net cash flow from financing activitiesNet cash flow used for financing activities - Select -Net decrease in cashNet increase in cash $- Select -Cash balance, August 1, 20Y2 fill in the blank 07f79afe6f9bfa1_16Cash balance, August 31, 20Y2 $fill in the blank 07f79afe6f9bfa1_17