Troy Reece established Reece Services, P.C., a professional corporation, in July of the current year. Reece Services
Question:
a. Describe each transaction.
b. What is the amount of the net income forJuly?
Transcribed Image Text:
Balance Sheet Statement of Cash Flows Assets LiabilitiesStockholders' Equity Income Accounts Payable + Retained Statement + Earnings Capital Cash Recelvable Supplies 50,000 50,000 d. 1,500 1,500 -1,000 500 1,500 50,000 1,500 50,000 -1,000 Ba 49,000 1,500 50,000 35,000 d 35,000 84,000 21,000 63,000 Bal. 1,500 500 50,000 35,000 e. -21,000 e Bal 14,000 -1,100 f 12,900 10,000 g 22,900 -8,000 14,900 1,500 500 50,000 -1,100 Bal 63,000 400 500 50,000 10,000 63,000 -8,000 55,000 Statement of Cash Flows Ba 10,000 400 500 50,000 Ba 10,000 400 500 50,000 Income Statement a. Financing d. Fees eamed e Expenses f Expenses g. Fees earned 35,000 -21,000 -1,100 10,000 22,900 50,000 c Operating 1,000 d. Operating 35,000 e Operating 21,000 h. Financing,000 55,000
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a Transaction a Issued capital stock in exchange for cash 50000 b Purchased ...View the full answer
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