Seth Feye established Reliance Financial Services on July 1, 2016. Reliance Financial Services offers financial planning advice

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Seth Feye established Reliance Financial Services on July 1, 2016. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow:


Instructions
1. Prepare an income statement for the month ended July 31, 2016.
2. Prepare a statement of owner's equity for the month ended July 31, 2016.
3. Prepare a balance sheet as of July 31, 2016.
4. Prepare a statement of cash flows for the month ending July 31, 2016.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Financial Accounting

ISBN: 978-1305088436

14th edition

Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac

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