Problem 2-24 (Static) Transaction analysis—quantitative; analyze results LO 2-2, 2-3, 2-6

Rudy Gandolfi owns and operates Rudy's Furniture Emporium Incorporated. The balance sheet totals for assets, liabilities, and stockholders' equity at August 1, 2022, are as indicated. Described here are several transactions entered into by the company throughout the month of August.

Required:

1. Indicate the amount and effect of each transaction on total assets, total liabilities, and total stockholders' equity, and then compute the new totals for each category. The first transaction is provided as an illustration.
2. What was the amount of net income (or loss) during August? How much were total revenues and total expenses during August?
3. What were the net changes during the month of August in total assets, total liabilities, and total stockholders' equity?
4. Which of the following statement(s) is/are true?