We-Sell Realty, organized as a corporation on August 1, 2018, is owned and operated by Omar Farah, the sole stockholder. How many errors can you find in the following statements for We-Sell Realty, prepared after its first month of operations?

otal liabilities and stockholders'equity

Transcribed Image Text:

We-Sell Realty Income Statement August 31, 2018 140,000 Expenses 18,000 7,500 2,200 1,150 115,850 $25,000 Omar Farah Retained Earnings Statement August 31,2017 0 (10,000) $(10,000) 15,000 5,000 25,000 issued additional common stock August 1 , 2018 . . . . . . . . . . . . . . . . . . . . . . . . . .. Balance Sheet For the Month Ended August 31, 2018 Assets 8,900 22,350 $31,250 Total assets.. Liabilities $38,600 4,000 Stockholders' Equity 30,000 $72,600 Total liabilities and stockholders equity ..