Show the financial effect of each transaction on the provided chart. Then, complete the Income Statement, Statement of Retained Earnings, and Balance Sheet for Financial Consulting, Inc.

1. On September 1, 2013, Sandra Fleming invested $90,000 cash in exchange for ninety shares of Financial Consulting, Inc.s common stock.

2. On September 1, 2013, Financial Consulting, Inc. paid cash for that months rent expense of $2,000.

3. On September 1, 2013, Financial Consulting, Inc. prepaid with cash its rent for three months in the future at a total cost of $6,000.

4. On November 30, 2013, Financial Consulting, Inc. paid a cash dividend of $2,500.

5. On November 30, 2013, Financial Consulting, Inc. purchased supplies on account of $6,500.

6. On December 1, 2013, Financial Consulting, Inc. obtained a two-year bank loan in the amount of $22,000 after signing a note payable. Interest wont be due until the following year.

7. On December 3, 2013, Financial Consulting, Inc. performed $18,000 of services and received $10,000 in cash with the remaining $8,000 to be paid to Financial Consulting, Inc. within ninety days.

8. On December 6, 2013, Financial Consulting, Inc. received a payment of $2,000 cash from a customer that had previously received services performed on account.

9. On December 8, 2013, Financial Consulting, Inc. purchased $8,000 of equipment on account.

10. On December 10, 2013, Financial Consulting, Inc. received $13,000 from a customer as prepayment for services that will be performed in two weeks.

11. On December 18, 2013, Financial Consulting, Inc. used cash to pay down $4,000 of accounts payable.

12. On December 24, 2013, Financial Consulting, Inc. performed $13,000 worth of services that the client had prepaid.

13. By December 31, 2013 Financial Consulting, Inc. had used up $1,500 worth of office supplies.

14. By December 31, 2013 Financial Consulting, Inc. had used up three months of the rent it had prepaid.

15. On December 31, 2013 Financial Consulting, Inc. bought ten shares of stock back from Sandra Fleming.

1.. George Carpenter is the sole stockholder and operator of XYZ , Inc.. a consulting firm.. At the end of its accountin g period,, December 31,, 2015,, XYZ , Inc.. has assets of $ 400 ,0000 and liabilities of $11 4 5,000..

Required:: Using the accounting equation and considering each case independently,,

determine the following amounts::

a)) Stockholders equity on 12//331//2201 5 .

b)) The amount and direction (iincrease or decrease)) change in

stockholders equity if,, during 201 6 , assets increased by $ 45 ,0000

and liabilities decreased by $ 10 ,0000..

c)) Net income (oor net loss)) during 201 6 , assuming that as of December 31,, 201 6 , assets were $ 410 ,0000,, liabilities were $11 47 ,0000,, capital stock of $ 3 ,0000 was issued,, and dividends of $ 8 ,0000 were paid..

ASSETS LIABILITIES EQUITY Office Prepaid Accounts unearned Notes Common Cash Receivable supplies Rent Equipmes Payable Revenue Payable + Stock Revenue - Expenses Dividends 10 13 Sum of Asset Accounts Sum of liability & Equity accounts