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Financial Statements

Jose Loder established Bronco Consulting on August $1,20$Y$2.$ The effect of each transaction and the balances after each transaction for August follow:

Assets $=$ Liabilities $+$ Owner's Equity

Cash $+$ Accounts Receivable $+$ Supplies $=$ Accounts Payable $+$ Jose Loder Capital $-$ Jose Loder Drawing $+$ Fees Earned $-$ Salaries Expense $-$ Rent Expense $-$ Auto Expense $-$ Supplies Expense $-$ Misc. Expense

a$.+26,350+26,350$

b$.+2,290+2,290$

Bal. $26,3502,2902,29026,350$

c$.+25,820+25,820$

Bal. $52,1702,2902,29026,35025,820$

d$.-7,100-7,100$

Bal. $45,0702,2902,29026,35025,820-7,100$

e$.-1,110-1,110$

Bal. $43,9602,2901,18026,35025,820-7,100$

f$.+18,200+18,200$

Bal. $43,96018,2002,2901,18026,35044,020-7,100$

g$.-5,010-3,430-1,580$

Bal. $38,95018,2002,2901,18026,35044,020-7,100-3,430-1,580$

h$.-10,500-10,500$

Bal. $28,45018,2002,2901,18026,35044,020-10,500-7,100-3,430-1,580$

i$.-1,300-1,300$

Bal. $28,45018,2009901,18026,35044,020-10,500-7,100-3,430-1,300-1,580$

j$.-6,600-6,600$

Bal. $21,85018,2009901,18026,350-6,60044,020-10,500-7,100-3,430-1,300-1,580$

Required:

Question Content Area

$1.$ Prepare an income statement for the month ended August $31,20$Y$2.$

Bronco Consulting

Income Statement

For the Month Ended August $31,20$Y$2$

Fees earned

$Fees earned

$63,900$

Expenses:

Salaries expense

$Salaries expense

$15,300$

Rent expense

Rent expense

$10,300$

Auto expense

Auto expense

$3,430$

Supplies expense

Supplies expense

$1,300$

Miscellaneous expense

Miscellaneous expense

$1,580$

Total expenses fill in the blank d$1$b$37108$efb$5$f$9$e$\_13$

$23,910$

Net income

$Net income

$20,110$

Question Content Area

$2.$ Prepare a statement of owner's equity for the month ended August $31,20$Y$2.$ If an answer is zero, enter $"0".$

Bronco Consulting

Statement of Owner's Equity

For the Month Ended August $31,20$Y$2$

Jose Loder, capital, August $1,20$Y$2$

$Jose Loder, capital, August $1,20$Y$2$

Cash

$Cash

Net income for August

Net income for August

Withdrawals

Withdrawals

Jose Loder, capital, August $31,20$Y$2$

Jose Loder, capital, August $31,20$Y$2$

Net income for August

$Net income for August

Question Content Area

$3.$ Prepare a balance sheet as of August $31,20$Y$2.$ When entering assets, enter them in order of liquidity.

Bronco Consulting

Balance Sheet

August $31,20$Y$2$

Assets

$$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

Total assets $fill in the blank $635016$fcbfc$601$c$\_7$

Liabilities

$$-$ Select $-$

Owner's Equity

$-$ Select $-$

Total liabilities and owner's equity $fill in the blank $635016$fcbfc$601$c$\_12$

Question Content Area

$4.$ Prepare a statement of cash flows for the month ending August $31,20$Y$2.$ For those boxes in which no entry is required, enter $"0".$ Use the minus sign to indicate cash outflows, cash payments, and decreases in cash.

Bronco Consulting

Statement of Cash Flows

For the Month Ended August $31,20$Y$2$

Cash flows from $($used for$)$ operating activities:

$$-$ Select $-$

$-$ Select $-$

$$-$ Select $-$

Cash flows from $($used for$)$ investing activities fill in the blank f$44$cba$031$fd$9$fe$4\_7$

Cash flows from $($used for$)$ financing activities:

$$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$$-$ Select $-$

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