Barry Kimm established Mariner Financial Services on January 1, 2008. Mariner Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for January are shown at the bottom.

Instructions
1. Prepare an income statement for the month ended January 31, 2008.
2. Prepare a statement of owner's equity for the month ended January 31, 2008.
3. Prepare a balance sheet as of January 31, 2008.
4. (Optional). Prepare a statement of cash flows for the month ending January 31,2008.

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Assets = Liabilities + Owners Equity Barry Barry Accounts Kimm, Kimm, Payable + Capital-Drawing + Earned-Expense-Expense-Expense-Expense-Expense Fees Salaries Rent Auto SuppliesMisc. Cash + Recevable + Supplies a. 25,000 b. +25,000 1,180 25,000 600 25,000 ,1805,000 1,180625,000 600 25,000 ,180 25,000 +1,180 +1,180 Bal. 25,000 1,180 580 580 Ba 24,420 1,180 d 42,000 +42,000 Bal 66,420 e. -7,500 Bal 8,920 1.5,780 Ba, 53,140 42,000 42,000 42,000 42,000-15,000 -7,500 -7,500 -7,500 -4,500 7,5004,500 -1,280 1,280 1,180 15,000 15,000 Bal. 38,140 Bal. 38,140 Bal 38,140 0400 25 25,000 Bal. 455 455 455 42,00015,000 ,500 500 5 ,80 +10,400 +10,400 52,400 15,000 7,500 4,500 55 0 9,000 29,140 9,000 9,000 52,400 5,0007,500 10,400 725 600 25,000 4,500 455 ,280