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Rudy Gandolfi owns and operates Rudy s Furniture Emporium Incorporated. The balance sheet totals for assets, liabilities, and stockholders equity at August 1 , 2

Rudy Gandolfi owns and operates Rudys 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:
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.
What was the amount of net income (or loss) during August? How much were total revenues and total expenses during August?
What were the net changes during the month of August in total assets, total liabilities, and total stockholders' equity?
Which of the following statement(s) is/are true?
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.
Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Leave no cells blank. Enter "0" wherever necessary.
Assets = Liabilities + Stockholders' Equity
August 1,2022 totals $700,000 $500,000 $200,000
August 3, borrowed $50,000 in cash from the bank 50,00050,0000
New totals $750,000 $550,000 $200,000
August 7, bought merchandise inventory valued at $75,000 on account
New totals $750,000 $550,000 $200,000
August 10, paid $25,000 cash for operating expenses
New totals $750,000 $550,000 $200,000
August 14, received $120,000 in cash from sales of merchandise that had cost $72,000
New totals $750,000 $550,000 $200,000
August 17, paid $60,000 owed on accounts payable
New totals $750,000 $550,000 $200,000
August 21, collected $44,000 of accounts receivable
New totals $750,000 $550,000 $200,000
August 24, repaid $30,000 to the bank, plus $1,000 interest
New totals $750,000 $550,000 $200,000
August 29, paid Rudy Gandolfi a cash dividend of $15,000
New totals $750,000= $550,000+ $200,000

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