Transactions and Financial Statements James Nesbitt established Up Date Computer Services on August 1, 20Y4 The effect of each transaction and the balances after each transaction for August are shown below in the integrated financial statement framework Statement of Cash Flows Balance Sheet Assets Liabilities Stockholders' Equity Cash Land Notes Payable Common Stock Retained Earnings a Issued common stock 25,000 25,000 b Fees earned 27,000 27,000 Balances 52,000 25,000 27,000 c Rent expense (2,500) (2,500) Balances 49,500 25,000 24,500 d Issued notes payable 10,000 10,000 Balances 59,500 10,000 25,000 24,500 e Purchased land (40,000) 40,000 Balances 19,500 40,000 10,000 25,000 24,500 f Paid expenses (1,900) (1,900) Balances 17,600 40,000 10,000 25,000 22,600 g Paid salary expense (4,600) (4,600) Balances 13,000 40,000 10,000 25,000 18,000 h Paid dividends (3,000) (3,000) Balances, Aug 31 10,000 40,000 10,000 25,000 15,000 Statement of Cash Flows Income Statement a Financing 25,000 b Fees earned 27,000 b Operating 27,000 c Rent expense (2,500) c Operating (2,500) f Auto expense (1,200) d Financing 10,000 f Misc expense (700) e Investing (40,000) g Salary expense (4,600) f Operating (1,900) Net income 18,000 g Operating (4,600) h Financing (3,000) Increase in cash 10,000 Instructions 1 Prepare an income statement for the month ended August 31, 20Y4 Choose One Automobile expense Fees earned Miscellaneous expense Rent expense Salaries expense $ Operating expenses Choose One Cash Fees earned Land Notes payable Salaries expense $ Choose One Cash Fees earned Land Notes payable Rent expense Choose One Automobile expense Cash Dividends Land Notes payable Choose One Cash Land Miscellaneous expense Notes payable Retained earnings Total operating expenses Net income $ 2 Prepare a statement of stockholders' equity for the month ended August 31, 20Y4 If your answer is zero enter 0 Common Stock Retained Earnings Total Balances, August 1, 20Y4 $ $ $ Choose One Cash Fees earned Issued common stock Miscellaneous expense Salaries expense Choose One Cash Net income Net loss Plus dividends $ Choose One Dividends Cash Net loss for August Plus dividends Balances, August 31, 20Y4 $ $ $ 3 Prepare a balance sheet as of August 31, 20Y4 Assets Choose One Common stock Cash Fees Earned Miscellaneous Expense Notes payable $ Choose One Automobile expense Land Notes payable Rent expense Retained earnings Total assets $ Liabilities Choose One Common stock Cash Land Notes payable Retained earnings $ Stockholders' Equity Choose One Automobile expense Common stock Cash Land Notes payable $ Choose One Fees earned Notes payable Rent expense Retained earnings Salaries expense Total stockholders' equity Total liabilities and stockholders' equity $ 4 Prepare a statement of cash flows for the month ended August 31, 20Y4 Use the minus sign to indicate cash out flows, decreases in cash, or cash payments If your answer is zero enter 0 Cash flows from operating activities Choose One Cash payments for land Cash receipts from issuing common stock Cash receipts from operating activities Net cash flows from financing activities Net cash flows from operating activities $ Choose One Cash payments for land Cash receipts from issuing common stock Cash receipts from issuing notes payable Deduct cash payments for operating activities Net cash flows from financing activities Choose One Cash receipts from issuing common stock Cash receipts from operating activities Deduct cash payments for operating activities Net cash flows from financing activities Net cash flows from operating activities $ Cash flows from investing activities Choose One Cash payments for dividends Cash payments for land Cash receipts from operating activities Deduct cash payments for operating activities Net cash flows from financing activities Cash flows from financing activities Choose One Cash payments for land Cash receipts from issuing common stock Cash receipts from operating activities Net cash flows from operating activities Net increase in cash during August $ Choose One Cash as of August 1, 20Y4 Cash payments for land Cash receipts from issuing notes payable Cash receipts from operating activities Deduct cash payments for operating activities Cash payments for dividends Cash payments for land Cash receipts from operating activities Net cash flows from operating activities Net increase in cash during August Cash as of August 31, 20Y4 Cash payments for dividends Cash payments for land Net cash flows from financing activities Net cash flows from operating activities Cash as of August 1, 20Y4 Cash as of August 31, 20Y4 Cash payments for dividends Net cash flows from operating activities Net increase in cash during August $ Cash as of August 1, 20Y4 Cash payments for land Cash payments for operating activities Cash receipts from issuing common stock Cash receipts from operating activities Cash as of August 31, 20Y4 Cash payments for dividends Cash payments for operating activities Cash receipts from issuing common stock Net cash flows from financing activities $ I will include images of what these questions look like on Cengage Safari File Edit View History Bookmarks Window Help v2 cengagenow com Course Module Topic (DB 3) (PR) Press Rel 1) Week 1 Cen 2 ) Week 2 Cen 3) Week 2 Cer Week 2 Cengage Assignment eBook operating 1 EX 02 01 9 Operating (4,600) 2 EX 02 01 Algo h Financing (3,000) 3 EX 02 04 Increase in cash 10,000 4 EX 02 04 Algo Instructions 5 EX 02 09 1 Prepare an income statement for the month ended August 31, 20Y4 6 PR 02 01 Up Date Computer Services Income Statement For the Month Ended August 31, 20Y4 7 PR 02 01 Algo 8 PR 02 02 V Operating expenses 0OOO Total operating expenses Net income 2 Prepare a statement of stockholders' equity for the month ended August 31, 20Y4 If your answer is zero enter 0 Up Date Computer Services Statement of Stockholders' Equity For the Month Ended August 31, 20Y4 Common Stock Retained Earnings Balances, August 1, 204 $ 20800 Balances, August 31, 20Y4 $ 3 Prepare a balance sheet as of August 31, 20Y4 Up Date Computer Services Balance Sheet August 31, 20Y4 Assets Progress 8 8 items Check My Work Assignment Score 62 5 All work saved tv MacBook 00 XSafari File Edit View History Bookmarks Window Help Co v2 cengagenow com a Course Module Topic (DB 3) (PR) Press Rel $1) Week 1 Cen 2 ) Week 2 Cen 3 ) Week 2 Cen Week 2 Cengage Assignment eBook 1 EX 02 01 9 Operating (4,600) 2 EX 02 01 Algo h Financing (3,000) 3 EX 02 04 Increase in cash 10,00 4 EX 02 04 Algo Instructions 5 EX 02 0 1 Prepare an income statement for the month ended August 31, 20Y4 6 PR 02 01 Up Date Computer Services Income Statement For the Month Ended August 31, 20Y4 7 PR 02 01 Algo 8 PR 02 02 V Operating expenses Total operating expenses Net income 2 Prepare a statement of stockholders' equity for the month ended August 31, 20Y4 If your answer is zero enter O Up Date Computer Services Statement of Stockholders Equity For the Month Ended August 31, 20Y4 Common Stock Retained Earnings Balances, August 1, 20Y4 $ 90000Q Cash 0000Q Fees earned Issued common stock Miscellaneous expense of August 31, 20Y4 Salaries expense ter Services Balance Sheet August 31, 20Y4 Assets Progress 8 8 items Check My Work Assignment Score 62 5 All work saved Email Inst P O W MacBookSafari File Edit View History Bookmarks Window Help v2 cengagenow com C Course Module Topic (DB 3) (PR) Press Rel 1) Week 1 Cen $2) Week 2 Cen 3) Week 2 Cen Week 2 Cengage Assignment eBook 1 operating 1 EX 02 01 9 Operating (4,600) 2 EX 02 01 Algo h Financing (3,000) 3 EX 02 04 Increase in cash 10,000 4 EX 02 04 Algo Instructions 5 EX 02 09 1 Prepare an income statement for the month ended August 31, 20Y4 6 PR 02 0 Up Date Computer Services Income Statement 7 PR 02 01 Algo For the Month Ended August 31, 20Y4 8 PR 02 02 V Operating expenses V Cash Fees earned Land Notes payable ses Salaries expense 2 Prepare a statement of stockholders' equity for the month ended August 31, 20Y4 If your answer is zero enter O Up Date Computer Services Statement of Stockholders' Equity For the Month Ended August 31, 20Y4 Common Stock Retained Earnings Tota Balances, August 1, 20Y4 $ Balances, August 31, 20Y4 $ 3 Prepare a balance sheet as of August 31, 20Y4 Up Date Computer Services August 31, 20Y4 Assets Progress 8 8 items Check My Work Assignment Score 62 5 All work saved MacBook 000 00 X

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Transactions and Financial Statements James Nesbitt established Up-Date Computer Services on August 1, 20Y4. The effect of each transaction and the balances after each transaction

Transactions and Financial Statements

James Nesbitt established Up-Date Computer Services on August 1, 20Y4. The effect of each transaction and the balances after each transaction for August are shown below in the integrated financial statement framework.

Statement of Cash Flows	Balance Sheet
Assets	=	Liabilities	+	Stockholders' Equity
Cash	+	Land	=	Notes Payable	+	Common Stock	+	Retained Earnings
a. Issued common stock	25,000						25,000
b. Fees earned	27,000								27,000
Balances	52,000						25,000		27,000
c. Rent expense	(2,500)								(2,500)
Balances	49,500						25,000		24,500
d. Issued notes payable	10,000				10,000
Balances	59,500				10,000		25,000		24,500
e. Purchased land	(40,000)		40,000
Balances	19,500		40,000		10,000		25,000		24,500
f. Paid expenses	(1,900)								(1,900)
Balances	17,600		40,000		10,000		25,000		22,600
g. Paid salary expense	(4,600)								(4,600)
Balances	13,000		40,000		10,000		25,000		18,000
h. Paid dividends	(3,000)								(3,000)
Balances, Aug. 31	10,000		40,000		10,000		25,000		15,000
Statement of Cash Flows		Income Statement
a. Financing	25,000			b. Fees earned	27,000
b. Operating	27,000			c. Rent expense	(2,500)
c. Operating	(2,500)			f. Auto expense	(1,200)
d. Financing	10,000			f. Misc. expense	(700)
e. Investing	(40,000)			g. Salary expense	(4,600)
f. Operating	(1,900)			Net income	18,000
g. Operating	(4,600)
h. Financing	(3,000)
Increase in cash	10,000

Instructions:

1. Prepare an income statement for the month ended August 31, 20Y4.

Choose One: Automobile expense Fees earned Miscellaneous expense Rent expense Salaries expense		=$?
Operating expenses:
Choose One: Cash Fees earned Land Notes payable Salaries expense	=$?
Choose One: Cash Fees earned Land Notes payable Rent expense	=?
Choose One: Automobile expense Cash Dividends Land Notes payable	=?
Choose One: Cash Land Miscellaneous expense Notes payable Retained earnings	=?
Total operating expenses		=?
Net income		=$?

2. Prepare a statement of stockholders' equity for the month ended August 31, 20Y4. If your answer is zero enter "0".

	Common Stock	Retained Earnings	Total
Balances, August 1, 20Y4	=$?	=$?	=$?
Choose One: Cash Fees earned Issued common stock Miscellaneous expense Salaries expense	=?	=?	=?
Choose One: Cash Net income Net loss Plus dividends	=?	=?	=$?
Choose One: Dividends Cash Net loss for August Plus dividends	=?	=?	=?
Balances, August 31, 20Y4	=$?	=$?	=$?

3. Prepare a balance sheet as of August 31, 20Y4.

Assets
Choose One: Common stock Cash Fees Earned Miscellaneous Expense Notes payable		=$?
Choose One: Automobile expense Land Notes payable Rent expense Retained earnings		=?
Total assets		=$?
Liabilities
Choose One: Common stock Cash Land Notes payable Retained earnings		=$?
Stockholders' Equity
Choose One: Automobile expense Common stock Cash Land Notes payable	=$?
Choose One: Fees earned Notes payable Rent expense Retained earnings Salaries expense	=?
Total stockholders' equity		=?
Total liabilities and stockholders' equity		=$?

4. Prepare a statement of cash flows for the month ended August 31, 20Y4. Use the minus sign to indicate cash out flows, decreases in cash, or cash payments. If your answer is zero enter "0".

Cash flows from operating activities:
Choose One: Cash payments for land Cash receipts from issuing common stock Cash receipts from operating activities Net cash flows from financing activities Net cash flows from operating activities	=$?
Choose One: Cash payments for land Cash receipts from issuing common stock Cash receipts from issuing notes payable Deduct cash payments for operating activities Net cash flows from financing activities	=?
Choose One: Cash receipts from issuing common stock Cash receipts from operating activities Deduct cash payments for operating activities Net cash flows from financing activities Net cash flows from operating activities		=$?
Cash flows from investing activities:
Choose One: Cash payments for dividends Cash payments for land Cash receipts from operating activities Deduct cash payments for operating activities Net cash flows from financing activities		=?
Cash flows from financing activities:
Choose One: Cash payments for land Cash receipts from issuing common stock Cash receipts from operating activities Net cash flows from operating activities Net increase in cash during August	=$?
Choose One: Cash as of August 1, 20Y4 Cash payments for land Cash receipts from issuing notes payable Cash receipts from operating activities Deduct cash payments for operating activities	=?
Cash payments for dividends Cash payments for land Cash receipts from operating activities Net cash flows from operating activities Net increase in cash during August	=?
Cash as of August 31, 20Y4 Cash payments for dividends Cash payments for land Net cash flows from financing activities Net cash flows from operating activities		=?
Cash as of August 1, 20Y4 Cash as of August 31, 20Y4 Cash payments for dividends Net cash flows from operating activities Net increase in cash during August		=$?
Cash as of August 1, 20Y4 Cash payments for land Cash payments for operating activities Cash receipts from issuing common stock Cash receipts from operating activities		=?
Cash as of August 31, 20Y4 Cash payments for dividends Cash payments for operating activities Cash receipts from issuing common stock Net cash flows from financing activities		=$?

I will include images of what these questions look like on Cengage.

Safari File Edit View History Bookmarks Window Help .. . v2.cengagenow.com Course Module.. Topic: (DB 3) -... (PR): Press Rel... 1) Week 1-Cen... 2 ) Week 2-Cen .. 3) Week 2-Cer Week 2-Cengage Assignment eBook operating 1. EX.02-01 9. Operating (4,600) 2. EX.02-01.Algo h. Financing (3,000) 3. EX.02-04 Increase in cash 10,000 4. EX.02-04.Algo Instructions 5. EX.02-09 1. Prepare an income statement for the month ended August 31, 20Y4. 6. PR.02-01 Up-Date Computer Services Income Statement For the Month Ended August 31, 20Y4 7. PR.02-01.Algo 8. PR.02-02 . V Operating expenses: 0OOO Total operating expenses Net income 2. Prepare a statement of stockholders' equity for the month ended August 31, 20Y4. If your answer is zero enter "0". Up-Date Computer Services Statement of Stockholders' Equity For the Month Ended August 31, 20Y4 Common Stock Retained Earnings Balances, August 1, 204 $ 20800 Balances, August 31, 20Y4 $ 3. Prepare a balance sheet as of August 31, 20Y4. Up-Date Computer Services Balance Sheet August 31, 20Y4 Assets Progress: 8/8 items Check My Work Assignment Score: 62.5% All work saved. " tv MacBook 00 XSafari File Edit View History Bookmarks Window Help Co .. . v2.cengagenow.com a Course Module ... Topic: (DB 3) -... (PR): Press Rel... $1) Week 1-Cen. 2 ) Week 2-Cen ... "3 ) Week 2-Cen .. Week 2-Cengage Assignment eBook 1. EX.02-01 9. Operating (4,600) 2. EX.02-01.Algo h. Financing (3,000) 3. EX.02-04 Increase in cash 10,00 4. EX.02-04.Algo Instructions 5. EX.02-0 1. Prepare an income statement for the month ended August 31, 20Y4. 6. PR.02-01 Up-Date Computer Services Income Statement For the Month Ended August 31, 20Y4 7. PR.02-01.Algo 8. PR.02-02 V Operating expenses: Total operating expenses Net income 2. Prepare a statement of stockholders' equity for the month ended August 31, 20Y4. If your answer is zero enter "O". Up-Date Computer Services Statement of Stockholders Equity For the Month Ended August 31, 20Y4 Common Stock Retained Earnings Balances, August 1, 20Y4 $ 90000Q Cash 0000Q Fees earned Issued common stock Miscellaneous expense of August 31, 20Y4. Salaries expense ter Services Balance Sheet August 31, 20Y4 Assets Progress: 8/8 items Check My Work Assignment Score: 62.5% All work saved. Email Inst P O W MacBookSafari File Edit View History Bookmarks Window Help . . . [ v2.cengagenow.com C Course Module.. Topic: (DB 3) -... (PR): Press Rel.. 1) Week 1-Cen... $2) Week 2-Cen... *3) Week 2-Cen.. Week 2-Cengage Assignment eBook 1. operating 1. EX.02-01 9. Operating (4,600) 2. EX.02-01.Algo h. Financing (3,000) 3. EX.02-04 Increase in cash 10,000 4. EX.02-04.Algo Instructions: 5. EX.02-09 1. Prepare an income statement for the month ended August 31, 20Y4. 6. PR.02-0 Up-Date Computer Services Income Statement 7. PR.02-01.Algo For the Month Ended August 31, 20Y4 8. PR.02-02 V Operating expenses: V Cash Fees earned Land Notes payable ses Salaries expense 2. Prepare a statement of stockholders' equity for the month ended August 31, 20Y4. If your answer is zero enter "O" Up-Date Computer Services Statement of Stockholders' Equity For the Month Ended August 31, 20Y4 Common Stock Retained Earnings Tota Balances, August 1, 20Y4 $ Balances, August 31, 20Y4 $ 3. Prepare a balance sheet as of August 31, 20Y4. Up-Date Computer Services August 31, 20Y4 Assets Progress: 8/8 items Check My Work Assignment Score: 62.5% All work saved. MacBook 000 00 X