Seth Feye established Reliance Financial Services on July 1, 2019. Reliance Financial Services offers financial planning advice
Question:
Seth Feye established Reliance Financial Services on July 1, 2019. 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, 2019.
2. Prepare a statement of owner’s equity for the month ended July 31, 2019.
3. Prepare a balance sheet as of July 31, 2019.
4. (Optional) Prepare a statement of cash flows for the month ending July 31, 2019
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...
Transcribed Image Text:
Assets Liabilities+ Owner's Equity Seth Feye, Seth Fe Auto Supple Misc. Cash Receivable SuppliesPayableCapital -Drawing Earned Expense Expense - Expense - Expense Expense Accounts Accounts ye, Fees Salaries Rent a. +50,000 b. Bal. 50,000 C. Bal. 46,400 d. +110,000 Bal. 156,400 e. -33,000 Bal. 123,400 f-20,800 Bal. 102,600 9-55,000 Bal. 47,600 h. Bal. 47,600 +50,000 +7,000 7,000 -3,600 3,400 +7,000 7,000 7,000 7,000 7,000 50,000 -3,600 50,000 +110,000 3,400 50,000 110,000 -33,000 -33,000 3,400 50,000 110,000 -16,000 -33,000 -16,000 -4,800 -4,800 7,000 3,400 50,000 110,000 -55,000 7,000 -4,500 2,500 3,400 50,000 10,000 -55,000 33,000 -16,000 -4,800 -4,500 3,400 50,000 110,000 55,000 33,000 -16,000 4,500 4,800 + 34,500 +34500 Bal. 47,600 34500 2,500 j.15,000 B 32,600 34500 2, 3,400 50,000 44,500 -55,000 33,000 -1,000 4,500 -4,800 -15,000 2,500 3,400 50,000-15,00 144,500 -55,000-33,000 -16,000 4,500 -4,800
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
1 RELIANCE FINANCIAL SERVICES Income Statement For the Month Ended July 31 2019 Fees earned 144500 E...View the full answer
Answered By
Nicholas Maina
Throughout my tutoring journey, I've amassed a wealth of hands-on experience and honed a diverse set of skills that enable me to guide students towards mastering complex subjects. My proficiency as a tutor rests on several key pillars:
1. Subject Mastery:
With a comprehensive understanding of a wide range of subjects spanning mathematics, science, humanities, and more, I can adeptly explain intricate concepts and break them down into digestible chunks. My proficiency extends to offering real-world applications, ensuring students grasp the practical relevance of their studies.
2. Individualized Guidance:
Recognizing that every student learns differently, I tailor my approach to accommodate various learning styles and paces. Through personalized interactions, I identify a student's strengths and areas for improvement, allowing me to craft targeted lessons that foster a deeper understanding of the material.
3. Problem-Solving Facilitation:
I excel in guiding students through problem-solving processes and encouraging critical thinking and analytical skills. By walking learners through step-by-step solutions and addressing their questions in a coherent manner, I empower them to approach challenges with confidence.
4. Effective Communication:
My tutoring proficiency is founded on clear and concise communication. I have the ability to convey complex ideas in an accessible manner, fostering a strong student-tutor rapport that encourages open dialogue and fruitful discussions.
5. Adaptability and Patience:
Tutoring is a dynamic process, and I have cultivated adaptability and patience to cater to evolving learning needs. I remain patient through difficulties, adjusting my teaching methods as necessary to ensure that students overcome obstacles and achieve their goals.
6. Interactive Learning:
Interactive learning lies at the heart of my approach. By engaging students in discussions, brainstorming sessions, and interactive exercises, I foster a stimulating learning environment that encourages active participation and long-term retention.
7. Continuous Improvement:
My dedication to being an effective tutor is a journey of continuous improvement. I regularly seek feedback and stay updated on educational methodologies, integrating new insights to refine my tutoring techniques and provide an even more enriching learning experience.
In essence, my hands-on experience as a tutor equips me with the tools to facilitate comprehensive understanding, critical thinking, and academic success. I am committed to helping students realize their full potential and fostering a passion for lifelong learning.
4.90+
5+ Reviews
16+ Question Solved
Related Book For
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Cost Accounting questions
-
Doug Van Buren established Ohm Computer Services on July 1, 2010. The effect of each transaction and the balances after each transaction for July are shown at the top of the following page....
-
Troy Reece established Reece Services, P.C., a professional corporation, in July of the current year. Reece Services offers financial planning advice to its clients. The effect of each transaction on...
-
On July 1, Guy Fernandez established Fernandez Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings. INSTRUCTIONS Analyze the...
-
Staircase Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 2014, the first month of operations: Materials purchased on...
-
Gordon Beckham started his own delivery service, Beckham Deliveries, on June 1, 2012. The following transactions occurred during the month of June. June 1 Gordon invested $10,000 cash in the...
-
A block of wood floats in fresh water with two-thirds of its volume V submerged and in oil with 0.90V submerged. Find the density of (a) The wood and (b) The oil.
-
210 Use divisibility rules to determine if each of the following is divisible by 12 .
-
Armada Company has these comparative balance sheet data: Additional information for 2010: 1. Net income was $25,000. 2. Sales on account were $375,000. Sales returns and allowances amounted to...
-
The role of the special education teacher is collaborative and requires a specific skill set and understanding of the laws and regulations related to the Individuals with Disabilities Education Act...
-
In 2020, Gale and Cathy Alexander hosted an exchange student, Axel Muller, for 9 months. Axel was part of International Student Exchange Programs (a qualified organization). Axel attended tenth grade...
-
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of Ian Eisele, owner, was...
-
D'Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another...
-
Determine the yield moment MY, plastic moment MP, and shape factor f for a W 16 x 100 wide-flange beam if Y = 36 ksi.
-
How does a hospital get reimbursed for patients with international insurance plans?
-
please give the analysis on the Classification based on various cost .brifley describe on these classifications.
-
If Super Corp. has a policy of limiting their loans to any single customer so that the maximum loss as a percent of capital will not exceed 18 percent for both secured and unsecured loans. The limit...
-
What would be the compa-ratio for someone in a job with 200 Hay points and who earns $2,928 per month? Can this person achieve large pay growth by excelling in her current job?
-
Describe what is meant by "income security", and what approaches you believe are the most appropriate to assure a minimum level of income to individuals, families, and households, regardless of their...
-
When can the one-to-one property of logarithms be used to solve an equation? When can it not be used?
-
Dawson Companys balance sheet information at the end of 2019 and 2020 is as follows: Additional information: The company did not issue any common stock during 2020. Required : Next Level Fill in the...
-
Assume that when a purchase of supplies of $2,650 for cash was recorded, both the debit and the credit were journalized and posted as $2,560. (a) Would this error cause the trial balance to be out of...
-
For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be...
-
For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be...
-
In the Invoice Lookup, when viewing recorded invoices, The Sage 50 Accounting program will display a: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an...
-
An employer has processed their scheduled payroll but forgot to pay an employee for one day of work. How would they process the additional paycheck for the same pay period? A )When running payroll,...
-
Use the following to answer questions 23-26 The company was organized on January 3, 20XE. The firm was authorized to issue 1,000,000,000 shares of $1.00 par common stock. During 20XE, the company had...
Study smarter with the SolutionInn App