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Financial statements Jose Loder established Bronco Consulting on August 1 , 2019. The effect of each transaction and the balances after each transaction for August follow: Instructions 1. Prepare an income statement for the month ended August 31, 2019. 2. Prepare a statement of owner's equity for the month ended August 31, 2019. 3. Prepare a balance sheet as of August 31, 2019. 4. (Optional) Prepare a statement of cash flows for the month ending August 31, 2019.

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Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

Solutions

Chapter
Section
BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094
Chapter 1, Problem 1.3BPR
Textbook Problem
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Financial statements

Jose Loder established Bronco Consulting on August 1, 2019. The effect of each transaction and the balances after each transaction for August follow:

Chapter 1, Problem 1.3BPR, Financial statements Jose Loder established Bronco Consulting on August 1, 2019. The effect of each Instructions

1.    Prepare an income statement for the month ended August 31, 2019.

2.    Prepare a statement of owner's equity for the month ended August 31, 2019.

3.    Prepare a balance sheet as of August 31, 2019.

4.    (Optional) Prepare a statement of cash flows for the month ending August 31, 2019.

1.

To determine

Financial statements: Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position.

Financial statements include the following statements:

Income statement: Income statement is a financial statement that shows the net income or net loss by deducting the expenses from the revenues and vice versa.

Statement of owner's’ equity: This statement reports the beginning owner’s equity and all the changes which led to ending owner's’ equity.

Balance Sheet: Balance Sheet summarizes the assets, the liabilities, and the Shareholder’s equity of a company at a given date. It is also known as the statement of financial status of the business.

Statement of cash flows: This statement reports all the cash transactions which are responsible for inflow and outflow of cash, and result of these transactions is reported as ending balance of cash at the end of reported period.

To Prepare: The income statement of Company BC for the month ended August 31, 2019.

Explanation of Solution

Prepare the income statement of Company BC for the month ended August 31, 2019.

Company BC
Income Statement
For the month ended August 31, 2019
Particulars Amount ($) Amount ($)
Revenues
Fees Earned $125,000
Expenses
     Salaries expense ...

2.

To determine

To Prepare: The statement of Owner's equity for Company BC for the month ended August 31, 2019.

3.

To determine

To Prepare: The balance sheet of Company BC for the month ended August 31, 2019.

4.

To determine

To Prepare: The statement of cash flows for Company BC for the month ended August 31, 2019.

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Chapter 1 Solutions

Accounting
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