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Seth Feye established Reliance Financial Services on July 1, 2016. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction
Seth Feye established Reliance Financial Services on July 1, 2016. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow:
CAN AN ACCOUNTANT HELP ME WITH THE INCOME STATEMENT
AND THE BALANCE SHEET PLEASE
Assets | =Liabilities | + Stockholders Equity | ||||||||||
Accounts | Accounts | Common | Fees | Salaries | Rent | Auto | Supplies | Misc. | ||||
Cash | Receivable | + Supplies | = Payable | + Stock | - Dividends | + Earned | - Expense | - Expense | - Expense | - Expense | - Expense | |
a. | +68,000 | +68,000 | ||||||||||
b. | +6,800 | +6,800 | ||||||||||
Bal. | 68,000 | 6,800 | 6,800 | 68,000 | ||||||||
c. | +85,000 | +85,000 | ||||||||||
Bal. | 153,000 | 6,800 | 6,800 | 68,000 | 85,000 | |||||||
d. | -27,400 | -27,400 | ||||||||||
Bal. | 125,600 | 6,800 | 6,800 | 68,000 | 85,000 | -27,400 | ||||||
e. | -5,600 | -5,600 | ||||||||||
Bal. | 120,000 | 6,800 | 1,200 | 68,000 | 85,000 | -27,400 | ||||||
f. | +42,800 | +42,800 | ||||||||||
Bal. | 120,000 | 42,800 | 6,800 | 1,200 | 68,000 | 127,800 | -27,400 | |||||
g. | -22,900 | -14,900 | -8,000 | |||||||||
Bal. | 97,100 | 42,800 | 6,800 | 1,200 | 68,000 | 127,800 | -27,400 | -14,900 | -8,000 | |||
h. | -39,000 | -39,000 | ||||||||||
Bal. | 58,100 | 42,800 | 6,800 | 1,200 | 68,000 | 127,800 | -39,000 | -27,400 | -14,900 | -8,000 | ||
i. | -6,200 | -6,200 | ||||||||||
Bal. | 58,100 | 42,800 | 600 | 1,200 | 68,000 | 127,800 | -39,000 | -27,400 | -14,900 | -6,200 | -8,000 | |
j. | -5,000 | -5,000 | ||||||||||
Bal. | 53,100 | 42,800 | 600 | 1,200 | 68,000 | -5,000 | 127,800 | -39,000 | -27,400 | -14,900 | -6,200 | -8,000 |
Reliance Financial Services |
Income Statement |
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