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Jose Loder established Bronco Consulting on August 1, 2016. The effect of each transaction and the balances after each transaction for August follow: Assets =Liabilities
Jose Loder established Bronco Consulting on August 1, 2016. The effect of each transaction and the balances after each transaction for August follow:
Assets | =Liabilities | + Owners Equity | ||||||||||
Accounts | Accounts | Jose Loder, | Jose Loder, | Fees | Salaries | Rent | Auto | Supplies | Misc. | |||
Cash | Receivable | + Supplies | = Payable | + Capital | - Drawing | + Earned | - Expense | - Expense | - Expense | - Expense | - Expense | |
a. | +75,000 | +75,000 | ||||||||||
b. | +9,000 | +9,000 | ||||||||||
Bal. | 75,000 | 9,000 | 9,000 | 75,000 | ||||||||
c. | +92,000 | +92,000 | ||||||||||
Bal. | 167,000 | 9,000 | 9,000 | 75,000 | 92,000 | |||||||
d. | -27,000 | -27,000 | ||||||||||
Bal. | 140,000 | 9,000 | 9,000 | 75,000 | 92,000 | -27,000 | ||||||
e. | -6,000 | -6,000 | ||||||||||
Bal. | 134,000 | 9,000 | 3,000 | 75,000 | 92,000 | -27,000 | ||||||
f. | +33,000 | +33,000 | ||||||||||
Bal. | 134,000 | 33,000 | 9,000 | 3,000 | 75,000 | 125,000 | -27,000 | |||||
g. | -23,000 | -15,500 | -7,500 | |||||||||
Bal. | 111,000 | 33,000 | 9,000 | 3,000 | 75,000 | 125,000 | -27,000 | -15,500 | -7,500 | |||
h. | -58,000 | -58,000 | ||||||||||
Bal. | 53,000 | 33,000 | 9,000 | 3,000 | 75,000 | 125,000 | -58,000 | -27,000 | -15,500 | -7,500 | ||
i. | -6,100 | -6,100 | ||||||||||
Bal. | 53,000 | 33,000 | 2,900 | 3,000 | 75,000 | 125,000 | -58,000 | -27,000 | -15,500 | -6,100 | -7,500 | |
j. | -15,000 | -15,000 | ||||||||||
Bal. | 38,000 | 33,000 | 2,900 | 3,000 | 75,000 | -15,000 | 125,000 | -58,000 | -27,000 | -15,500 | -6,100 | -7,500 |
Required: | |||
1. | Prepare an income statement for the month ended August 31, 2016.* | ||
2. | Prepare a statement of owners equity for the month ended August 31, 2016.* | ||
3. | Prepare a balance sheet as of August 31, 2016.* | ||
4. | Prepare a statement of cash flows for the month ending August 31, 2016.*
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