Question 2: Yankee Hotel Foxtrot initiated operations on July 1, 2014. To manage the company officers and managers have requested monthly financial statements starting July 31, 2014. The adjusted trial balance amounts at July 31 are shown below.

	Debits		Credits
Cash	$7,680	Accumulated Depreciation-
		Equipment	$840
Accounts Receivable	810	Notes Payable	6,000
Prepaid Rent	1,965	Accounts Payable	2,140
Supplies	1,160	Salaries and Wages Payable	360
Equipment	11,400	Interest Payable	40
Owner's Drawings	800	Unearned Service Revenue	580
Salaries and Wages Expense	7,145	Owner's Capital	10,640
Rent Expense	2,740	Service Revenue	14,390
Depreciation Expense	665
Supplies Expense	580
Interest Expense	45
Total debits	$34990	Total Credits	$34990

Instructions

(A) Determine the net income for the month of July

(B) Determine the amount for Owners, Capital at July 31, 2014

(C) Determine the Balance Sheet at July 31, 2014 for