Need help finding and fixes accounting errors in homework attached

1 SMITH STEELE CONSULTING Balance Sheet August 31, 2011 Assets Current assets: Cash................................. $ Accounts receivable....... Supplies........................... Salaries payable.............. Prepaid insurance.......... Total current assets...$ Property, plant, and equipment:...................... Office equipment............ $ 47,720 Less accum. depr............ Total Property, plant, and equipment............. Total assets.......................$ 52,170 21,300 3,800 875 150 1,670 27,795 21,250 Liabilities Current liabilities: Accounts payable........ $ 1,250 Prepaid rent................. 2,050 Unearned fees.............. 1,150 Total liabilities.............$ 4,450 Owner's Equity Sheila Shaw, capital....... 675 20,575 48,370 Total liabilities and owner's equity............. $ 2 SMITH STEELE CONSULTING Income Statement For the Month Ended August 31, 2011 Fees earned.................................................................................... 24,325 Expenses: Salary expense....................................................................... Rent expense.......................................................................... Supplies expense.................................................................... Insurance expense................................................................. Miscellaneous expense.......................................................... Interest expense..................................................................... Bad Debt expense.................................................................. Repairs and Maintenance..................................................... Utilities expense..................................................................... Payroll Tax expense............................................................... Office expense........................................................................ Total expenses.................................................................... 6,930 Net income..................................................................................... 17,395 $ $1,550 1,200 1,250 1,000 715 65 150 200 150 125 525 $ 3 SMITH STEELE CONSULTING Statement of Owner's Equity For the Month Ended August 31, 2011 Sheila Shaw, capital, August 1, 2007........................................... Additional investments during the month.................................. 36,000 Total................................................................................................ 36,000 Net income for the month............................................................. Less withdrawals........................................................................... Increase in owner's equity............................................................ 12,395 Sheila Shaw, capital, August 31, 2007......................................... 48,395 $ $ $ 17,395 5,000 $ 4 SMITH STEELE CONSULTING Statement of Cash Flows For the Month Ended August 31, 2011 CASH FLOWS FROM OPERATING ACTIVITIES: Net income for the month:.................................................... Adjustment for depreciation....................................... Cash provided by operating activities................................. (Increase) in working capital items Accounts receivable.......................................................... Supplies.............................................................................. Prepaid expenses............................................................... Accounts payable.............................................................. Salaries payable................................................................. Unearned fees.................................................................... Cash flows from operating activities........................................... CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of office equipment........................................... Cash flows from investing activities............................................ $(21,250) $17,395 675 18,070 (3,800) (875) 3,720 1,250 150 1,150 $18,990 (21,250) CASH FLOWS FROM FINANCING ACTIVITIES: Advances from shareholder (net of withdrawals).............. Cash flows from financing activities........................................... 31,000 $31,000 Net increase in cash....................................................................... $28,740 CASH-BEGINNING OF PERIOD.............................................. CASH-END OF PERIOD............................................................. $21,300