prepare financial statement

Requirement #1:
During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation,
completed the following transactions.
July 1	Began business by making a deposit in a company bank account of $60,000, in exchange
	for 6,000 shares of $10 par value common stock.
July 3	Paid the current month's rent, $3,500
July 5	Paid the premium on a 1-year insurance policy, $4,200
July 7	Purchased supplies on account from Little Company, $1,000.
July 10	Paid employee salaries, $3,500
July 14	Purchased equipment from Lake Company, $10,000. Paid $2,500 down and the balance was
	placed on account. Payments will be $500.00 per month until the equipment is paid. The first payment is due 8/1.
	Note: Use accounts payable for the balance due.
July 15	Received cash for preparing tax returns for the first half of July, $8,000
July 19	Made payment on account to Lake Company, $500.
July 31	Received cash for preparing tax returns for the last half of July, $9,000
July 31	Declared and paid cash dividends of $600.

Requirement #7:
Prepare the financial statements for the Quick Tax Corporation as of July 31 in the space below.
You will only be preparing the income statement, statement of retained earnings, and the balance sheet.
The statement of cash flows is a required financial statement, but is not required for this case study.
Quick Tax Corporation				Quick Tax Corporation			Quick Tax Corporation
Income Statement				Statement of Retained Earnings			Balance Sheet
For the Month Ending July 31				For the Month Ending July 31			July 31
Revenues:				Retained Earnings, July 1			Assets:
Revenue				Add: Net Income			Cash
				Subtotal			Supplies
Expenses:				Less: Dividends			Prepaid Insurance
Rent Expense				Retained Earnings, July 31			Equipment
Salaries Expense							Less: Accum. Depr.
Insurance Expense							Total Assets
Supplies Expense
Depreciation Expense							Liabilities:
Income Tax Expense							Accounts Payable
Total Expenses							Income Tax Payable
							Total Liabilities
Net Income							Stockholders' Equity:
							Common Stock
							Retained Earnings
							Total Stockholders' Equity
							Total Liabilities and
							Stockholders' Equity