Use the information in Exercise 2-16 to prepare an August 31 balance sheet for Help Today. Hint: Compute the owner’scapital account balance as of August 31.

Data from Exercise 2-16

Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, thecompany’s records show the following selected accounts and amounts for the month of August. Use this information toprepare an August income statement for the business.

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$25,360 22,360 5,250 44,000 Office equipment . Accounts payable.... C. Camry, Withdrawals Consulting fees earned Rent expense Cash $20,000 10,500 Salaries expense $9,550 5,600 Accounts receivable.... Office supplies 6,000 Telephone expense Miscellaneous expenses 860 27,000 Land 520 ....