Aaron Lee established Restart Technology 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.

Instructions

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

2. Prepare a statement of stockholders’ equity for the month ended August 31, 20Y4.

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

4. Prepare a statement of cash flows for the month ended August 31, 20Y4.

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Financial Statement Effects BALANCE SHEET Assets Liabilities Stockholders' Equity %3D + Notes Common Retained Cash Land Payable Stock Earnings a. Issued common stock 50,000 50,000 b. Fees earned 54,000 54,000 Balances 104,000 50,000 54,000 c Rent expense (5,000) (5,000) Balances 50,000 49,000 000'06 d. Issued notes payable 20,000 20,000 Balances 119,000 20,000 50,000 49,000 e. Purchased land (80,000) 80,000 39,000 (3,800) Balances 80,000 20,000 50,000 49,000 f. Paid expenses (3,800) Balances 35,200 80,000 20,000 50,000 45,200 g. Paid salary expense (9,200) (9,200) Balances 26,000 80,000 20,000 50,000 36,000 h. Paid dividends (6,000) (৪,000) Balances, Aug. 31 20,000 80,000 20,000 50,000 30,000 STATEMENT OF CASH FLOWS a. Financing b. Operating с. Орeгating d. Anancing e. Investing f. Operating INCOME STATEMENT $ 50,000 $ 54,000 b. Fees earned c. Rent expense f. Auto expense f. Misc. expense 54,000 (5,000) (5,000) (2,400) 20,000 (1,400) (80,000) g. Salary expense (9,200) (3,800) Net income $ 36,000 g. Operating h. Anancing (9,200) (6,000) $ 20,000 Increase in cash