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Financial statements 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: Instructions 1. Prepare an income statement for the month ended July 31, 20Y2. 2. Prepare a statement of stockholders’ equity for the month ended July 31, 20Y2. 3. Prepare a balance sheet as of July 31, 20Y2. 4. ( Optional ) Prepare a statement of cash flows for the month ending July 31, 20Y2.

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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

Solutions

Chapter
Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 1, Problem 3PA
Textbook Problem
98 views

Financial statements

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:

Chapter 1, Problem 3PA, Financial statements Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance

Instructions

1. Prepare an income statement for the month ended July 31, 20Y2.

2. Prepare a statement of stockholders’ equity for the month ended July 31, 20Y2.

3. Prepare a balance sheet as of July 31, 20Y2.

4. (Optional) Prepare a statement of cash flows for the month ending July 31, 20Y2.

1.

To determine

Prepare the income statement for Company RFS for the month ended July 31, 20Y2.

Explanation of Solution

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Prepare the income statement for Company RFS for the month ended July 31, 20Y2:

Company RFS
Income Statement
For the month ended July 31, 20Y2
ParticularsAmount ($)Amount ($)
Revenues  
Fees Earned>&#...

2.

To determine

Prepare the statement of stockholder's equity for Company RFS for the month ended July 31, 20Y2.

3.

To determine

Prepare the balance sheet for Company RFS as on July 31, 20Y2.

4.

To determine

Prepare the statement of cash flows for Company RFS for the month ended July 31, 20Y2.

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Financial And Managerial Accounting
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