Financial statements Obj. 5 Jose Loder established Bronco Consulting on August 1, 20Y1. The effect of each transaction and the balances after each transaction for August follow:

Assets 5Liabilities 1 Stockholders’ Equity Cash 1 Accounts Receivable 1 Supplies 5 Accounts Payable 1 Common Stock − Dividends 1 Fees Earned −

Salaries Expense −

Rent Expense −

Auto Expense −

Supplies Expense −

Misc.

Expense

a. 175,000 175,000

b. 19,000 19,000 Bal. 75,000 9,000 9,000 75,000

c. 192,000 192,000 Bal. 167,000 9,000 9,000 75,000 92,000

d. 227,000 227,000 Bal. 140,000 9,000 9,000 75,000 92,000 227,000

e. 26,000 26,000 Bal. 134,000 9,000 3,000 75,000 92,000 227,000

f. 133,000 133,000 Bal. 134,000 33,000 9,000 3,000 75,000 125,000 227,000 g. 223,000 215,500 27,500 Bal. 111,000 33,000 9,000 3,000 75,000 125,000 227,000 215,500 27,500 h. 258,000 258,000 Bal. 53,000 33,000 9,000 3,000 75,000 125,000 258,000 227,000 215,500 27,500 i. 258,000 26,100 26,100 Bal. 53,000 33,000 2,900 3,000 75,000 125,000 258,000 227,000 215,500 26,100 27,500 j. 25,000 25,000 Bal. 48,000 33,000 2,900 3,000 75,000 25,000 125,000 258,000 227,000 215,500 26,100 27,500 Instructions 1 Prepare an income statement for the month ended August 31, 20Y1.

2 Prepare a statement of stockholders’ equity for the month ended August 31, 20Y1.

3 Prepare a balance sheet as of August 31, 20Y1.

4 (Optional) Prepare a statement of cash flows for the month ending August 31, 20Y1.

AppendixLO1