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1. Prepare an income statement for the month ended 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. If there is a net loss, enter that amount as a negative number using a minus sign. You will not need to enter colons (:) on the income statement.

1. Prepare an income statement for the month ended 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. If there is a net loss, enter that amount as a negative number using a minus sign. You will not need to enter colons (:) on the income statement.

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter1: Introduction To Accounting And Business
Section: Chapter Questions
Problem 3PA: Seth Feye established Reliance Financial Services on July 1, 2016. Reliance Financial Services...
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1. Prepare an income statement for the month ended 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. If there is a net loss, enter that amount as a negative number using a minus sign. You will not need to enter colons (:) on the income statement.

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: =Liabilities + Stockholders' Equity Assets Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. = Cash +Receivable + Supplies - Payable + Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense +53,000 +6,000 +6,000 6,000 6,000 53,000 -3,500 6,000 2,500 53,000 +108,000 108,000 6,000 2,500 53,000 -33,400 6,000 2,500 53,000 108,000 -33,400 -15,200 -5,900 6,000 2,500 53,000 108,000 -33,400 -15,200 -5,900 -59,000 6,000 2,500 53,000 108,000 -59,000 -33,400 -15,200 -5,900 -3,900 -3,900 2,100 2,500 53,000 108,000 -59,000 -33,400 -15,200 -3,900 -5,900 +50,100 2,100 2.500 53,000 158,100 -59,000 -33,400 -15,200 -3,900 -5,900 2,100 2,500 53,000 158, 100 -59,000 -33,400 -15,200 -3,900 -5,900 a. +53,000 b. Bal. 53,000 C. -3,500 Bal. 49,500 d. +108,000 Bal. 157,500 e. -33,400 Bal. 124,100 f. -21,100 Bal. 103,000 g. -59,000 Bal. 44,000 h. Bal. 44,000 i. Bal. 44,000 j. -12,500 Bal. 31,500 +50,100 50,100 50,100 -12,500 -12,500
Transcribed Image Text: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: =Liabilities + Stockholders' Equity Assets Accounts Accounts Common Fees Salaries Rent Auto Supplies Misc. = Cash +Receivable + Supplies - Payable + Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense +53,000 +6,000 +6,000 6,000 6,000 53,000 -3,500 6,000 2,500 53,000 +108,000 108,000 6,000 2,500 53,000 -33,400 6,000 2,500 53,000 108,000 -33,400 -15,200 -5,900 6,000 2,500 53,000 108,000 -33,400 -15,200 -5,900 -59,000 6,000 2,500 53,000 108,000 -59,000 -33,400 -15,200 -5,900 -3,900 -3,900 2,100 2,500 53,000 108,000 -59,000 -33,400 -15,200 -3,900 -5,900 +50,100 2,100 2.500 53,000 158,100 -59,000 -33,400 -15,200 -3,900 -5,900 2,100 2,500 53,000 158, 100 -59,000 -33,400 -15,200 -3,900 -5,900 a. +53,000 b. Bal. 53,000 C. -3,500 Bal. 49,500 d. +108,000 Bal. 157,500 e. -33,400 Bal. 124,100 f. -21,100 Bal. 103,000 g. -59,000 Bal. 44,000 h. Bal. 44,000 i. Bal. 44,000 j. -12,500 Bal. 31,500 +50,100 50,100 50,100 -12,500 -12,500
1 2 (Label) 3 + 5 6 7 8 9 Reliance Financial Services Income Statement (Label)
Transcribed Image Text:1 2 (Label) 3 + 5 6 7 8 9 Reliance Financial Services Income Statement (Label)
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