Jose Loder established Bronco Consulting on August 1 , 2 0 Y 1 The effect of each transaction and the balances after each transaction for August follow Assets Liabilities Stockholders' Equity Cash Accounts Receivable Supplies Accounts Payable Common Stock Dividends Fees Earned Salaries Expense Rent Expense Auto Expense Supplies Expense Misc Expense a 2 6 , 3 5 0 2 6 , 3 5 0 b 2 , 2 9 0 2 , 2 9 0 Bal 2 6 , 3 5 0 2 , 2 9 0 2 , 2 9 0 2 6 , 3 5 0 c 2 5 , 8 2 0 2 5 , 8 2 0 Bal 5 2 , 1 7 0 2 , 2 9 0 2 , 2 9 0 2 6 , 3 5 0 2 5 , 8 2 0 d 7 , 1 0 0 7 , 1 0 0 Bal 4 5 , 0 7 0 2 , 2 9 0 2 , 2 9 0 2 6 , 3 5 0 2 5 , 8 2 0 7 , 1 0 0 e 1 , 1 1 0 1 , 1 1 0 Bal 4 3 , 9 6 0 2 , 2 9 0 1 , 1 8 0 2 6 , 3 5 0 2 5 , 8 2 0 7 , 1 0 0 f 1 8 , 2 0 0 1 8 , 2 0 0 Bal 4 3 , 9 6 0 1 8 , 2 0 0 2 , 2 9 0 1 , 1 8 0 2 6 , 3 5 0 4 4 , 0 2 0 7 , 1 0 0 g 5 , 0 1 0 3 , 4 3 0 1 , 5 8 0 Bal 3 8 , 9 5 0 1 8 , 2 0 0 2 , 2 9 0 1 , 1 8 0 2 6 , 3 5 0 4 4 , 0 2 0 7 , 1 0 0 3 , 4 3 0 1 , 5 8 0 h 1 0 , 5 0 0 1 0 , 5 0 0 Bal 2 8 , 4 5 0 1 8 , 2 0 0 2 , 2 9 0 1 , 1 8 0 2 6 , 3 5 0 4 4 , 0 2 0 1 0 , 5 0 0 7 , 1 0 0 3 , 4 3 0 1 , 5 8 0 i 1 , 3 0 0 1 , 3 0 0 Bal 2 8 , 4 5 0 1 8 , 2 0 0 9 9 0 1 , 1 8 0 2 6 , 3 5 0 4 4 , 0 2 0 1 0 , 5 0 0 7 , 1 0 0 3 , 4 3 0 1 , 3 0 0 1 , 5 8 0 j 6 , 6 0 0 6 , 6 0 0 Bal 2 1 , 8 5 0 1 8 , 2 0 0 9 9 0 1 , 1 8 0 2 6 , 3 5 0 6 , 6 0 0 4 4 , 0 2 0 1 0 , 5 0 0 7 , 1 0 0 3 , 4 3 0 1 , 3 0 0 1 , 5 8 0 Required Question Content Area 1 Prepare an income statement for the month ended August 3 1 , 2 0 Y 1 Bronco Consulting Income Statement For the Month Ended August 3 1 , 2 0 Y 1 Fees earned $Fees earned 4 4 , 0 2 0 Expenses Salaries expense $Salaries expense 1 0 , 5 0 0 Rent expense Rent expense 7 , 1 0 0 Auto expense Auto expense 3 , 4 3 0 Supplies expense Supplies expense 1 , 3 0 0 Miscellaneous expense Miscellaneous expense 1 , 5 8 0 Total expenses fill in the blank 5 db 2 b 3 f 5 4 f 9 9 0 6 7 1 3 8 7 , 8 1 0 Net income $Net income 2 0 , 1 1 0 Question Content Area 2 Prepare a statement of stockholders equity for the month ended August 3 1 , 2 0 Y 1 If an answer is zero, enter 0 If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign Bronco Consulting Statement of Stockholders Equity For the Month Ended August 3 1 , 2 0 Y 1 blank Common Stock Retained Earnings Total Balances, August 1 , 2 0 Y 1 $Balances, August 1 , 2 0 Y 1 0 $Balances, August 1 , 2 0 Y 1 0 $Balances, August 1 , 2 0 Y 1 0 Issued common stock Issued common stock 2 6 , 3 5 0 Issued common stock 0 Issued common stock 2 6 , 3 5 0 Net income Net income 0 Net income 2 0 , 1 1 0 Net income 2 0 , 1 1 0 Dividends Dividends 0 Dividends 6 , 6 0 0 Dividends 6 , 6 0 0 Balances, August 3 1 , 2 0 Y 1 Balances, August 3 1 , 2 0 Y 1 2 6 , 3 5 0 Balances, August 3 1 , 2 0 Y 1 1 3 , 5 1 0 Balances, August 3 1 , 2 0 Y 1 3 9 , 8 6 0 Question Content Area 3 Prepare a balance sheet as of August 3 1 , 2 0 Y 1 When entering assets, enter them in order of liquidity Bronco Consulting Balance Sheet August 3 1 , 2 0 Y 1 Assets $ Select Select Select Total assets $fill in the blank d 6 1 9 edfd 2 f 8 2 fd 9 7 Liabilities $ Select Stockholders' Equity $ Select Select Total stockholders' equity fill in the blank d 6 1 9 edfd 2 f 8 2 fd 9 1 4 Total liabilities and stockholders' Equity $fill in the blank d 6 1 9 edfd 2 f 8 2 fd 9 1 5 Question Content Area 4

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Question: Jose Loder established Bronco Consulting on August 1 , 2 0 Y 1 . The effect of each transaction and the balances after each transaction

Jose Loder established Bronco Consulting on August

1, 20

1 .

The effect of each transaction and the balances after each transaction for August follow:

Assets

=

Liabilities

+

Stockholders' Equity

Cash

+

Accounts Receivable

+

Supplies

=

Accounts Payable

+

Common Stock

-

Dividends

+

Fees Earned

-

Salaries Expense

-

Rent Expense

-

Auto Expense

-

Supplies Expense

-

Misc. Expense

. + 26, 350 + 26, 350

. + 2, 290 + 2, 290

Bal.

26, 350 2, 290 2, 290 26, 350

. + 25, 820 + 25, 820

Bal.

52, 170 2, 290 2, 290 26, 350 25, 820

. - 7, 100 - 7, 100

Bal.

45, 070 2, 290 2, 290 26, 350 25, 820 - 7, 100

. - 1, 110 - 1, 110

Bal.

43, 960 2, 290 1, 180 26, 350 25, 820 - 7, 100

. + 18, 200 + 18, 200

Bal.

43, 960 18, 200 2, 290 1, 180 26, 350 44, 020 - 7, 100

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

Bal.

38, 950 18, 200 2, 290 1, 180 26, 350 44, 020 - 7, 100 - 3, 430 - 1, 580

. - 10, 500 - 10, 500

Bal.

28, 450 18, 200 2, 290 1, 180 26, 350 44, 020 - 10, 500 - 7, 100 - 3, 430 - 1, 580

. - 1, 300 - 1, 300

Bal.

28, 450 18, 200 990 1, 180 26, 350 44, 020 - 10, 500 - 7, 100 - 3, 430 - 1, 300 - 1, 580

. - 6, 600 - 6, 600

Bal.

21, 850 18, 200 990 1, 180 26, 350 - 6, 600 44, 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

1 .

Bronco Consulting

Income Statement

For the Month Ended August

31, 20

1

Fees earned

$Fees earned

44, 020

Expenses:

Salaries expense

$Salaries expense

10, 500

Rent expense

7, 100

Auto expense

3, 430

Supplies expense

1, 300

Miscellaneous expense

1, 580

Total expenses fill in the blank

5

2

3

54

99067_13

87, 810

Net income

$Net income

20, 110

Question Content Area

2 .

Prepare a statement of stockholders

equity for the month ended August

31, 20

1 .

If an answer is zero, enter

" 0 " .

If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign.

Bronco Consulting

Statement of Stockholders

Equity

For the Month Ended August

31, 20

1

blank Common Stock Retained Earnings Total

Balances, August

1, 20

1

$Balances, August

1, 20

1

0

$Balances, August

1, 20

1

0

$Balances, August

1, 20

1

0

Issued common stock

26, 350

Issued common stock

0

Issued common stock

26, 350

Net income

0

Net income

20, 110

Net income

20, 110

Dividends

0

Dividends

6, 600

Dividends

6, 600

Balances, August

31, 20

1

Balances, August

31, 20

1

26, 350

Balances, August

31, 20

1

13, 510

Balances, August

31, 20

1

39, 860

Question Content Area

3 .

Prepare a balance sheet as of August

31, 20

1 .

When entering assets, enter them in order of liquidity.

Bronco Consulting

Balance Sheet

August

31, 20

1

Assets

-

Select

-

-

Select

-

-

Select

-

Total assets $fill in the blank d

619

edfd

2

82

9_7

Liabilities

-

Select

-

Stockholders' Equity

-

Select

-

-

Select

-

Total stockholders' equity fill in the blank d

619

edfd

2

82

9_14

Total liabilities and stockholders' Equity $fill in the blank d

619

edfd

2

82

9_15

Question Content Area

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