Heidi Fritz established Freedom Financial Services on July 1, 2016. Freedom Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow:

	Assets			=	Liabilities +	Owner's Equity
	Cash +	Accounts Receivable +	Supplies	=	Accounts Payable +	Heidi Fritz Capital -	Heidi Fritz Drawing +	Fees Earned -	Salaries Expense -	Rent Expense -	Auto Expense -	Supplies Expense -	Misc. Expense
a.	+25,720					+25,720
b.			+2,240		+2,240
Bal.	25,720		2,240		2,240	25,720
c.	+25,210							+25,210
Bal.	50,930		2,240		2,240	25,720		25,210
d.	-6,900									-6,900
Bal.	44,030		2,240		2,240	25,720		25,210		-6,900
e.	-1,080				-1,080
Bal.	42,950		2,240		1,160	25,720		25,210		-6,900
f.		+17,700						+17,700
Bal.	42,950	17,700	2,240		1,160	25,720		42,910		-6,900
g.	-4,890										-3,340		-1,550
Bal.	38,060	17,700	2,240		1,160	25,720		42,910		-6,900	-3,340		-1,550
h.	-10,300								-10,300
Bal.	27,760	17,700	2,240		1,160	25,720		42,910	-10,300	-6,900	-3,340		-1,550
i.			-1,300									-1,300
Bal.	27,760	17,700	940		1,160	25,720		42,910	-10,300	-6,900	-3,340	-1,300	-1,550
j.	-6,400						-6,400
Bal.	21,360	17,700	940		1,160	25,720	-6,400	42,910	-10,300	-6,900	-3,340	-1,300	-1,550

Required:

1. Prepare an income statement for the month ended July 31, 2016.

Freedom Financial Services
Income Statement
For the Month Ended July 31, 2016
		$fill in the blank b3ed7104103002b_2
Expenses:
	$fill in the blank b3ed7104103002b_4
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	fill in the blank b3ed7104103002b_12
Total expenses		fill in the blank b3ed7104103002b_13
		$fill in the blank b3ed7104103002b_15

2. Prepare a statement of owner's equity for the month ended July 31, 2016. If an answer is zero, enter "0".

Freedom Financial Services
Statement of Owner's Equity
For the Month Ended July 31, 2016
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	$fill in the blank 5e6e6b0a0060f82_4
	fill in the blank 5e6e6b0a0060f82_6
	$fill in the blank 5e6e6b0a0060f82_7
	fill in the blank 5e6e6b0a0060f82_9
		fill in the blank 5e6e6b0a0060f82_11
		$fill in the blank 5e6e6b0a0060f82_13

3. Prepare a balance sheet as of July 31, 2016. When entering assets, enter them in order of liquidity.

Freedom Financial Services
Balance Sheet
July 31, 2016
Assets
	$fill in the blank b6c233fc1051f93_2
	fill in the blank b6c233fc1051f93_4
	fill in the blank b6c233fc1051f93_6
Total assets	$fill in the blank b6c233fc1051f93_7
Liabilities
	$fill in the blank b6c233fc1051f93_9
Owner's Equity
	fill in the blank b6c233fc1051f93_11
Total liabilities and owner's equity	$fill in the blank b6c233fc1051f93_12

4. Prepare a statement of cash flows for the month ending July 31, 2016. 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.

Freedom Financial Services
Statement of Cash Flows
For the Month Ended July 31, 2016
Cash flows from operating activities:
	$fill in the blank 1f10c90bafa2fd0_2
	fill in the blank 1f10c90bafa2fd0_4
		$fill in the blank 1f10c90bafa2fd0_6
Cash flows from investing activities		fill in the blank 1f10c90bafa2fd0_7
Cash flows from financing activities:
	$fill in the blank 1f10c90bafa2fd0_9
	fill in the blank 1f10c90bafa2fd0_11
		fill in the blank 1f10c90bafa2fd0_13
		$fill in the blank 1f10c90bafa2fd0_15