Driftwood Realty, organized July 1, 2015, is owned and operated by Steffy Owen. The following statements were prepared after its second month of operations.

Instructions
1. List the errors found in the Driftwood Realty financial statements.
2. Prepare an income statement for the month ended August 31, 2015.
3. Prepare a statement of owner's equity for the month ended August 31, 2015.
4. Prepare a balance sheet as at August 31, 2015.

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Driftwood Realty Income Statement August 31, 2015 Revenues Sales commissionS $467,100 Expenses Office salaries expense Rent expense Automobile expense Miscellaneous expense Supplies expense $291,600 99,000 22,500 7,200 2.700 423,000 $134,100 Total expenses Net income Steffy Owen Statement of Owner's Equity August 31, 2015 Steffy Owen, capital, August 1, 2015. Less withdrawals during August Additional investment during August. .. Net income for the month S 93,600 18,000 75,600 22,500 98.100 134,100 $232, 200 Steffy Owen, capital, August 31, 2015 Balance Sheet For the Month Ended August 31, 2015 Assets Liabilities as $29, 700 Accounts receivable $128,700 Accounts payable 34,200 Supplies 18,000 232,200 $378,900 Owner's Equity Stefy Owen, capital S63,900 Total liabilities and owner's equity Total assets