Question
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 | Accounts | Common | Fees | Salaries | Rent | Auto | Supplies | Misc. | ||||
Cash | + Receivable | + Supplies | = Payable | + Stock | - Dividends | + Earned | - Expense | - Expense | - Expense | - Expense | - Expense | |
a. | +50,000 | +50,000 | ||||||||||
b. | +7,000 | +7,000 | ||||||||||
Bal. | 50,000 | 7,000 | 7,000 | 50,000 | ||||||||
c. | -3,600 | -3,600 | ||||||||||
Bal. | 46,400 | 7,000 | 3,400 | 50,000 | ||||||||
d. | +110,000 | +110,000 | ||||||||||
Bal. | 156,400 | 7,000 | 3,400 | 50,000 | 110,000 | |||||||
e. | -33,000 | -33,000 | ||||||||||
Bal. | 123,400 | 7,000 | 3,400 | 50,000 | 110,000 | -33,000 | ||||||
f. | -20,800 | -16,000 | -4,800 | |||||||||
Bal. | 102,600 | 7,000 | 3,400 | 50,000 | 110,000 | -33,000 | -16,000 | -4,800 | ||||
g. | -55,000 | -55,000 | ||||||||||
Bal. | 47,600 | 7,000 | 3,400 | 50,000 | 110,000 | -55,000 | -33,000 | -16,000 | -4,800 | |||
h. | -4,500 | -4,500 | ||||||||||
Bal. | 47,600 | 2,500 | 3,400 | 50,000 | 110,000 | -55,000 | -33,000 | -16,000 | -4,500 | -4,800 | ||
i. | +34,500 | +34,500 | ||||||||||
Bal. | 47,600 | 34,500 | 2,500 | 3,400 | 50,000 | 144,500 | -55,000 | -33,000 | -16,000 | -4,500 | -4,800 | |
j. | -15,000 | -15,000 | ||||||||||
Bal. | 32,600 | 34,500 | 2,500 | 3,400 | 50,000 | -15,000 | 144,500 | -55,000 | -33,000 | -16,000 | -4,500 | -4,800 |
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".
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