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a retained 2. Prepare 3. Prepare a balance sheet as of Dc vices offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: 4. What item appears on both the retained earnings PR 1-3A Financial statements 1. Net income $31,200 Seth Feye established Reliance Financial Services on July 1, 2016. Reliance Financial Ser- Misc Stockholders' Equity Rent Supplies Expense Expense Auto Salaries Expense Expense Expense Assets -Liabilities+ Fees Earned Accounts + Receivable +Supplies Payable Common +Stock Accounts Cash - Dividends + +50,000 a. +50000 +7,000 +7,000 Bal 50,000 7,000 7,000 -3,600 50,000 -3,600 C Bal 46,400 50,000 7,000 3,400 +110,000 110,000 d +110,000 156,400 Bal. 50,000 7,000 3,400 -33,000 -33,000 e. -33,000 110,000 123,400 3,400 50,000 Bal. 7,000 -4,800 -20,800 -16,000 f 3,400 50,000 110,000 102,600 7,000 -33,000 -4,800 Bal. -16,000 -55,000 -55,000 3,400 50,000 7,000 47,600 110,000 -55,000 Bal -33,000 -16,000 -4,800 4500 -4,500 3,400 50,000 2.500 110,000 +34500 144,500 47,600 -55,000 Bal -33,000 -16,000 -4,500 +34.500 -4,800 3,400 50,000 2,500 34,500 47,600 -55,000 Bal. -33,000 -16,000 -15,000 4,500 -15,000 -4,800 3,400 50,000 2,500 -15,000 34,500 144,500 32.600 55,000 Bal -33,000 -16,000 -4,500 4,800 Chapter 1 Introduction to Accounting and Business 41 Instructions 1. Prepare an income statement for the month ended July 31, 2016. 2. Prepare 3. Prepare a balance sheet as of July 31, 2016. 4. (Optional) Prepare a statement of cash flows for the month ending July 31, 2016. a retained earnings statement for the month ended July 31, 2016. PR 1-4A Transactions; financial statements J.4, 5 income: On Jul ted the following for mmon b supplies C ommissions 6000. Faid m ge) for month Pa Detmd de he cos of supplies used was 906 wwnsaction, using ate the ansaction the $ % Merge & Center 58.49 Clipboard Font Alignment Number H67 X A B C D G K 15 1, RELIANCE FINANCIAL SERVICES Income Statement 16 17 July 31, 2016 18 19 Fees earned $ 144,500 Expenses Salaries expense Rent expense Auto expense Supplies expense 20 21 55,000 22 33,000 16,000 4500 Miscellaneous expense 4,800 Total expenses 113,300 Net income 31,200 30 2. RELIANCE FINANCIAL SERVICES Retained Earnings Statement July 31 2016 Retained earnings, July 1, 2016 Net income for the month $31.200 Less dividends 15,000 Increase in retained earnings 16,200 Pr. 1-3A lili 222872 28588 883 70 00 30 FUA Le Font Formatting Table Styles Alignment Number Styles C D E H K M RELIANCE FINANCIAL SERVICES Retained Earnings Statement July 31, 2016 Retained earnings, July 1, 2016 Net income for the month Less dividends S 31,200 15,000 Increase in retained earnings Retained eanings, July 31, 2016 16,200 RELIANCE FINANCIAL SERVICES Balance Sheet Assets Liabilities Accounts payable $ 3,400 S 32,600 34,500 2.500 Cash Stockholders' Equity Accounts receivable $ 50,000 16,200 Common stock Supplies Retained eamings 66.200 Total stockholders' equity Total liabilities and stockholders' equity 69 600 S 69,600 Total assets Pr. 1-3A Type here to search 82 10 A A Paste 2 Wrap Tet BIU CE CE Merge & Center $-% Conditional Fomat Formatting Table Clipboard Font Alignment Number H67 Styles A B C E G H 52 53 K L M 54 RELIANCE FINANCIAL SERVICES 55 Statement of Cash Flows 56 57 58 Cash flows from operating activities: 59 Cash received from customers $110,000 60 Cash payments for expenses and payments to creditors Net cash flow used for operating activities 61 62 2,400 63. 64 Cash flows from investing activities 65 66 Cash flows from financing activities Cash receved from issuing common stock $ Cash dividends 50,000 15,000 67 68 35,000 69 Net cash flow used from financing activities 70 32,600 71 Net increase in cash and July 31, 2016, cash balance 72 73 74 75 Pr.1.3A