Seth Feye established Reliance Financial Services on July 1, 2014. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July are shown below.

Instructions
1. Prepare an income statement for the month ended July 31, 2014.
2. Prepare a retained earnings statement for the month ended July 31, 2014.
3. Prepare a balance sheet as of July 31, 2014.
4. (Optional). Prepare a statement of cash flows for the month ending July 31,2014.

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Assets - Liabilities + Stockholders' Equity Salaries Accounts Accounts Capital Fees RentAuto Supes Misc. Cash + Receivable + Supplies= Payable + Stock -Dividends+ Earned -Expense - Expense-Expense-Expense-Expense a. +50,000 b. Ba. 50,000 C. 3,600 Bal 46,400 d. +110,000 Bal 156,400 e. 33,000 Ba 123,400 f.20,800 Ba 102,600 9 -55,000 Ba. 47,600 h. Ba. 47,600 +50,000 +7,000 7,000 7,000 -3,600 3,400 7,000 50,000 7,000 50,000 +110,000 110,000 7,000 3,400 50,000 -33,000 7,000 3,400 50,000 110,000 -33,000 -16,000 -33,000 -16,000 -4,800 7,000 3,400 50,000 110,000 -4,800 -55,000 7,000 -4,500 2,500 3,400 50,000 110,00055,000 33,00016,000 -4,800 4,500 3,400 50,000 110,00055,000 33,00016,0004,5004,800 + 34,500 +34,500 Bal 47,600 34,500 2,500 3,4005 50,000 144,50055,00 33,00016,0004,5004,800 15,000 32,600 -15,000 34,500 2,500 3,400 50,00015,000 144,50055,000 33,000 16,000 4,500 4,800