Seth Feye established Reliance Financial Services on July 1, 20Y2 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 Stockholders Equity Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc Cash Receivable Supplies Payable Stock Dividends Earned Expense Expense Expense Expense Expense a 58,000 58,000 b 6,500 6,500 Bal 58,000 6,500 6,500 58,000 c 3,700 3,700 Bal 54,300 6,500 2,800 58,000 d 109,000 109,000 Bal 163,300 6,500 2,800 58,000 109,000 e 35,000 35,000 Bal 128,300 6,500 2,800 58,000 109,000 35,000 f 21,100 14,000 7,100 Bal 107,200 6,500 2,800 58,000 109,000 35,000 14,000 7,100 g 55,000 55,000 Bal 52,200 6,500 2,800 58,000 109,000 55,000 35,000 14,000 7,100 h 4,400 4,400 Bal 52,200 2,100 2,800 58,000 109,000 55,000 35,000 14,000 4,400 7,100 i 50,000 50,000 Bal 52,200 50,000 2,100 2,800 58,000 159,000 55,000 35,000 14,000 4,400 7,100 j 11,000 11,000 Bal 41,200 50,000 2,100 2,800 58,000 11,000 159,000 55,000 35,000 14,000 4,400 7,100 Required 1 Prepare an income statement for the month ended July 31, 20Y2 Refer to the lists of Accounts, 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 You will not need to enter colons ( ) on the income statement 2 Prepare a statement of stockholders equity for the month ended July 31, 20Y2 Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries Be sure to complete the statement heading If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign If an amount is zero, enter 0 3 Prepare a balance sheet as of July 31, 20Y2 Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries Be sure to complete the statement heading 4 Prepare a statement of cash flows for the month ending July 31, 20Y2 Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries Be sure to complete the statement heading Use the minus sign to indicate cash outflows, cash payments and decreases in cash You will not need to enter colons ( ) on the financial statements If an amount is zero, enter 0

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 30, 2024

Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction

Seth Feye established Reliance Financial Services on July 1, 20Y2. 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

+ Stockholders Equity

Accounts

Common

Fees

Salaries

Rent

Auto

Supplies

Misc.

Cash

+Receivable

+ Supplies

= Payable

+ Stock

- Dividends

+ Earned

- Expense

+58,000

+6,500

Bal.

58,000

6,500

58,000

-3,700

Bal.

54,300

6,500

2,800

58,000

+109,000

Bal.

163,300

6,500

2,800

58,000

109,000

-35,000

Bal.

128,300

6,500

2,800

58,000

109,000

-35,000

-21,100

-14,000

-7,100

Bal.

107,200

6,500

2,800

58,000

109,000

-35,000

-14,000

-7,100

-55,000

Bal.

52,200

6,500

2,800

58,000

109,000

-55,000

-35,000

-14,000

-7,100

-4,400

Bal.

52,200

2,100

2,800

58,000

109,000

-55,000

-35,000

-14,000

-4,400

-7,100

+50,000

Bal.

52,200

50,000

2,100

2,800

58,000

159,000

-55,000

-35,000

-14,000

-4,400

-7,100

-11,000

Bal.

41,200

50,000

2,100

2,800

58,000

-11,000

159,000

-55,000

-35,000

-14,000

-4,400

-7,100

	Required:
1.	Prepare an income statement for the month ended July 31, 20Y2. Refer to the lists of Accounts, 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. You will not need to enter colons (:) on the income statement.
2.	Prepare a statement of stockholders equity for the month ended July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount is zero, enter "0".
3.	Prepare a balance sheet as of July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
4.	Prepare a statement of cash flows for the month ending July 31, 20Y2. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Use the minus sign to indicate cash outflows, cash payments and decreases in cash. You will not need to enter colons (:) on the financial statements. If an amount is zero, enter "0".