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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.
Financial And Managerial Accounting
Solutions
Financial And Managerial Accounting
Financial statements
1. Net income: $10,900
Jose Loder established Bronco Consulting on August 1, 20Y1. The effect of each transaction and the balances after each transaction for August follow:
Instructions
1. Prepare an income statement for the month ended August 31, 20Y1.
2. Prepare a statement of stockholders’ equity for the month ended August 31, 20Y1.
3. Prepare a balance sheet as of August 31, 20Y1.
4. (Optional) Prepare a statement of cash flows for the month ending August 31, 20Y1.
1.
Prepare the income statement for Company BC for the month ended August 31, 20Y1.
Explanation of Solution
Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.
Prepare the income statement for Company BC for the month ended August 31, 20Y1:
| Company BC | ||
| Income Statement | ||
| For the month ended August 31, 20Y1 | ||
| Particulars | Amount ($) | Amount ($) |
| Revenues | Â | Â |
| Fees Earned | &... | |
2.
Prepare the statement of stockholder's equity for Company BC for the month ended August 31, 20Y1.
3.
Prepare the balance sheet for Company BC as on August 31, 20Y1.
4.
Prepare the statement of cash flows for Company BC for the month ended August 31, 20Y1.
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