Roger Smith established an insurance agency on July 1, 20Y5, and completed the following transactions during July:

1. Opened a business bank account in the name of Smith Insurance Inc., with a deposit of $52,000 in exchange for common stock.
2. Borrowed $25,500 by issuing a note payable.
3. Received cash from fees earned, $27,000.
4. Paid rent on office and equipment for the month, $3,500.
5. Paid automobile expense for the month, $1,600, and miscellaneous expense, $800.
6. Paid office salaries, $4,100.
7. Paid interest on the note payable, $90.
8. Purchased land as a future building site, paying cash of $60,000.
9. Paid dividends, $4,300.

Transaction Cash + Land = Notes Payable + Common Stock + Retained Earnings a. Issued common stock b. Issued note payable Balances c. Fees earned Balances d. Rent expense Balances e. Paid expenses Balances f. Paid salary expense Balances g. Paid interest expense Balances h. Purchased land Balances i. Paid dividends Balances, July 31 Statement of Cash Flows Income Statement a. Financing c. Fees earned b. Financing d. Rent expense c. Operating e. Auto expense d. Operating e. Miscellaneous expense e. Operating f. Salary expense f. Operating g. Interest expense g. Operating Net income h. Investing i. Financing Increase in cash 3. Prepare an income statement for July. Smith Insurance Inc. Income Statement For the Month Ending July 31, 2015 Revenues: Fees earned $ Expenses: Salary expense $ Rent expense Auto expense Interest expense Miscellaneous expense Total expenses Net income $ Prepare a statement of stockholders' equity for July. If your answer is zero enter "0". Smith Insurance Inc. Statement of Stockholders' Equity For the Month Ending July 31, 2045 Common Stock Retained Earnings Total Balances, July 1, 2015 $ $ Issued common stock Net income Dividends Balances, July 31, 2045 Smith Insurance Inc. Statement of Cash Flows For the Month Ending July 31, 2045 Cash flows from (used for) operating activities: Cash received from operating activities Cash paid for operating activities Net cash flows from operating activities Cash flows from (used for) investing activities: Cash paid for land Cash flows from (used for) financing activities: Cash received from issuing common stock $ Cash received from issuing note payable Cash paid as dividends Net cash flows from financing activities Net increase in cash during July $ Cash as of July 1, 2015 Cash as of July 31, 2045 Feedback 4. Prepare a balance sheet as of July 31, 2045. Smith Insurance Inc. Balance Sheet July 31, 2015 Assets Cash $ Land Total assets Liabilities Notes payable $ Stockholders' Equity Common stock $ Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $