= Liabilities + Cash + Accounts Receivable + Supplies = Accounts Payable + Heidi Fritz Capital- Heidi Fritz Drawing + 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 Owner's Equity Salaries Rent Auto Supplies Expense- Expense Expense- Expense- Expense Misc. Fees Earned a +22,530 +22,530 b. +1,960 +1,960 Bal 22,530 1,960 1,960 22,5301 C +22,080 +22,080 Bal. 44,610 1,960 1,960 22,530 22,000 d 0,100 -6,100 Bal. 38,510 1,960 1,960 22,530 22,000 -6,100 -950 -950 Bal. 37,560 1,960 1,010 22,530 22,060 -6,100 6 +15,500 +15,500 Bal. 37,560 15,500 1,960 1,010 22,530 37,500 -6,100 -4,280 -2,930 -1,350 Bal. 33,280 15,500 1,960 1,010 22,530 37,580 -6,100 -2,930 -1,350 h. 9,000 -9,000 Bal 24,280 15,500 1,960 1,010 22,530 37,580 -9,000 -6,100 -2,930 -1,350 h 9,000 +9,000 Bal. 24,200 15,500 1,960 1,010 22,530 37,580 -9,000 -6.100 -2,930 -1,350 L -1,100 -1,100 Bal. 24,280 15,500 860 1,010 22,530 37,580 -9,000 -6,100 -2,930 -1,100 -1,350 -5,600 Bal 18,680 -5,600 15,500 860 1,010 22,530 -5,600 37,580 -9,000 -6,100 -2,930 -1,100 -1,350 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 Expenses Total expenses Total expenses 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 1000 3. Prepare a balance sheet as of July 31, 2016. When entering assets, enter them in order of liquidity. 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 Total assets Liabilities Owner's Equity Total liabilities and owner's equity 0000000 Cash flows from investing activities Cash flows from financing activities: 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: 100.00