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Financial statements 1. Net income: $10,900 Jose Loder established Bronco Consulting on August 1, 20Y1. 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, 20Y1. 2. Prepare a statement of stockholders’ equity for the month ended August 31, 20Y1. 3. Prepare a balance sheet as of August 31, 20Y1. 4. ( Optional ) Prepare a statement of cash flows for the month ending August 31, 20Y1.

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Financial And Managerial Accounting

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

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Chapter
Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 1, Problem 3PB
Textbook Problem
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Financial statements

1. Net income: $10,900

Jose Loder established Bronco Consulting on August 1, 20Y1. The effect of each transaction and the balances after each transaction for August follow:

Chapter 1, Problem 3PB, Financial statements 1. Net income: 10,900 Jose Loder established Bronco Consulting on August 1,

Instructions

1. Prepare an income statement for the month ended August 31, 20Y1.

2. Prepare a statement of stockholders’ equity for the month ended August 31, 20Y1.

3. Prepare a balance sheet as of August 31, 20Y1.

4. (Optional) Prepare a statement of cash flows for the month ending August 31, 20Y1.

1.

To determine

Prepare the income statement for Company BC for the month ended August 31, 20Y1.

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 BC for the month ended August 31, 20Y1:

Company BC
Income Statement
For the month ended August 31, 20Y1
ParticularsAmount ($)Amount ($)
Revenues  
Fees Earned&...

2.

To determine

Prepare the statement of stockholder's equity for Company BC for the month ended August 31, 20Y1.

3.

To determine

Prepare the balance sheet for Company BC as on August 31, 20Y1.

4.

To determine

Prepare the statement of cash flows for Company BC for the month ended August 31, 20Y1.

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Financial And Managerial Accounting
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