P1. 2 1 1.0 4. 5) Ai Fang Co. Opened on July 1, 2020. On July 31 , the statement of financial position showed Cash $5, 000 , Accounts Receivable $1, 500 , Supplies $500 , Equipment *6, 000 , Accounts Payable*$ 4. 200 , Share Capital - Ordinary, $4, 000 , and Retained Earnings of $ 4. Boo ( amounts in thousands ) . During August , the following transactions occurred . Analyze transactions and prepare income statement , retained earnings statement , and statement of financial position . 1 . Collected $ 1, zoo of accounts receivable . 2 . Paid t's, Bou cash on accounts payable . 3 . Recognized revenue of $7. 500 of which }4. god is collected in cash and the balance is due in September . 4 . Purchased additional equipment for {2. 000 , paying $400 in cash and the balance on account . 5 . Paid salaries *'2, 800 , rent for August $ 900 , and advertising expenses $ 400 . 6 . Declared and paid $700 dividend . 7 . Received *'2, and from Standard Federal Bank _ money borrowed on a note payable . & . Incurred utility expenses for month on account $270 . Instructions " . Prepare a tabular analysis of the August transactions beginning with July 31 balances . The column headings should be as follows : Cash + Accounts Receivable + Supplies + Equipment = Notes Payable + Accounts Payable + Share Capital - Ordinary + Revenues - Expenses - Dividends . Total assets $ 16, 500 b . Prepare an income statement for August , a retained earnings statement for August , and a statement of Financial position at August 31 . Net income $7. 230 Ending retained earnings *'11 , 230Problem 1 . 2 1 0 )| AL FANG LTD Accounts* Hates* ACCOUNTS Share* Retained Cash Alecelvable* +| Supplies\\\\ \\ +| Equipment | =\\\\ Payable* Payable Capital Earnings* *| Revenues\\ Expenses\\ Dividends*Statement of Comprehensive Income Service revenue EXPENSES Profit Other Comprehensive Income Total Comprehensive Income AL FANG LTD Statement of Changes in Equity Share Capital Retained Total Earnings Balance 1 Auqust Balance 31 August AL FANG LTD Statement of Financial Position Assets Current :* Non - current : Total assets Liabilities & Equity Current liabilities* :" Non - current ." Total liabilities Equity* Total liabilities and equity