Instructions Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance 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 + Stockholders' Equity Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. Cash +Receivable + Supplies = Payable + Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense a. +52,000 +52,000 b. +6,200 +6,200 Bal. 52,000 6,200 6,200 52,000 c. -3,400 -3,400 Bal. 48,600 6,200 2,800 52,000 d. +106,000 +106,000 Bal. 154,600 6,200 2,800 52,000 106,000 e. -33,600 -33,600 Bal. 121,000 6,200 2,800 52,000 106,000 -33,600 Bal. 121,000 6,200 2,800 52,000 106,000 -33,600 f. -21,300 -14,400 -6,900 Bal. 99,700 6,200 2,800 52,000 106,000 -33,600 -14,400 -6,900 g. -60,000 -60,000 Bal. 39,700 6,200 2,800 52,000 106,000 -60,000 -33,600 -14,400 -6,900 h. -3,800 -3,800 Bal. 39,700 2,400 2,800 52,000 106,000 -60,000 -33,600 -14,400 -3,800 -6,900 i. +50,600 +50,600 Bal. 39,700 50,600 2,400 2,800 52,000 156,600 -60,000 -33,600 -14,400 -3,800 -6,900 j. -10,000 -10,000 Bal. 29,700 50,600 2,400 2,800 52,000 -10,000 156,600 -60,000 -33,600 -14,400 -3,800 -6,900 Required: 1. Prepare an income statement for the month ended July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If there is a net loss, enter that amount as a negative number using a minus sign. You will not need to enter colons (:) on the income statement. 2. Prepare a statement of stockholders' equity for the month ended July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount is zero, enter "0". 3. Prepare a balance sheet as of July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. 4. Prepare a statement of cash flows for the month ending July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Use the minus sign to indicate cash outflows, cash payments and decreases in cash. You will not need to enter colons (:) on the financial statements. If an amount is zero, enter "0". Accounts, Labels and Amount Descriptions Accounts Accounts receivable Accounts payable Auto expense Cash Common stock Fees earned Miscellaneous expense Rent expense Retained earnings Salaries expense Supplies Supplies expense Labels Cash flows from (used for) financing activities Cash flows from (used for) investing activities Labels Cash flows from (used for) financing activities Cash flows from (used for) investing activities Cash flows from (used for) operating activities Expenses For the Month Ended July 31, 20Y2 July 31, 20Y2 Amount Descriptions Balances, July 1, 20Y2 Balances, July 31, 20Y2 Cash paid for dividends Cash paid for expenses and to creditors Cash received from customers Cash received from issuing common stock Cash balance, July 1, 20Y2 Cash balance, July 31, 20Y2 Dividends Issued common stock Net cash flows from financing activities Net cash flows from investing activities Net cash flows from operating activities Net cash flows used for financing activities Net cash flows used for investing activities Net cash flows used for investing activities Net cash flows used for operating activities Net income Net loss Net increase in cash Net decrease in cash Total assets Total expenses Total liabilities and stockholders' equity Total stockholders' equity Income Statement 1. Prepare an income statement for the month ended July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If there is a net loss, enter that amount as a negative number using a minus sign. You will not need to enter colons (:) on the income statement. Reliance Financial Services Income Statement (Label) 1 2 (Label) 3 4 5 6 - 6 7 8. 9 Statement of Stockholders' Equity 2. Prepare a statement of stockholders' equity for the month ended July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount is zero, enter "0". Reliance Financial Services Statement of Stockholders' Equity (Label) 1 Common Stock Retained Earnings Total 2 3 4 5 6 Balance Sheet 3. Prepare a balance sheet as of July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Reliance Financial Services Balance Sheet (Label) 1 Assets 2 3 4 5 6 Liabilities 7 8 Stockholders' Equity 7 8 Stockholders' Equity 9 10 11 12 Statement of Cash Flows 4. Prepare a statement of cash flows for the month ending July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Use the minus sign to indicate cash outflows, cash payments and decreases in cash. You will not need to enter colons () on the financial statements. If an amount is zero, enter "0". Reliance Financial Services Statement of Cash Flows (Label) 1 (Label) 2 3 4 5 (Label) 6 (Label) 7 7 8 9 10 11 12