Seth Feye established Reliance Financial Services on July 1, 2019. Reliance Financial Services offers financial planning advice
Question:
Seth Feye established Reliance Financial Services on July 1, 2019. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow:
Assets=Liabilities+ Owners EquityAccountsAccountsSeth Feye,Seth Feye,FeesSalariesRentAutoSuppliesMisc.CashReceivable+ Supplies= Payable+ Capital- Drawing+ Earned- Expense- Expense- Expense- Expense- Expensea.+52,000+52,000b.+6,200+6,200Bal.52,0006,2006,20052,000c.-3,400-3,400Bal.48,6006,2002,80052,000d.+106,000+106,000Bal.154,6006,2002,80052,000106,000e.-33,600-33,600Bal.121,0006,2002,80052,000106,000-33,600f.-21,300-14,400-6,900Bal.99,7006,2002,80052,000106,000-33,600-14,400-6,900g.-60,000-60,000Bal.39,7006,2002,80052,000106,000-60,000-33,600-14,400-6,900h.-3,800-3,800Bal.39,7002,4002,80052,000106,000-60,000-33,600-14,400-3,800-6,900i.+33,000+33,000Bal.39,70033,0002,4002,80052,000139,000-60,000-33,600-14,400-3,800-6,900j.-17,000-17,000Bal.22,70033,0002,4002,80052,000-17,000139,000-60,000-33,600-14,400-3,800-6,900
Required:1.make anincome statementfor the Month Ended July 31, 2019.*2.make a statement of owner's equityfor the Month Ended July 31, 2019.*3.make abalance sheetas of July 31, 2019.*4.make astatement of cash flowsfor the month ending July 31, 2019.** Refer to the lists ofAccountsin the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If there is a net loss, enter that amount as a negative number using a minus sign. Enter amounts that represent cash outflows as a negative number using a minus sign.