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Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: Opened a business bank account in the name
Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July:
- Opened a business bank account in the name of Stanley Insurance Inc., with a deposit of $60,000 in exchange for common stock.
- Borrowed $100,000 by issuing a note payable.
- Received cash from fees earned, $30,000.
- Paid rent on office and equipment for the month, $5,000.
- Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000.
- Paid office salaries, $6,500.
- Paid interest on the note payable, $500.
- Purchased land as a future building site, paying cash of $120,000.
- Paid dividends, $3,000.
just need help w/ income statement and statement of cash flow
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