Aaron Lee established Restart Technology Services on August 1, 20Y4. The effect of each transaction and the

Question:

Aaron Lee established Restart Technology Services on August 1, 20Y4. The effect of each transaction and the balances after each transaction for August are shown below in the integrated financial statement framework.


Instructions

1. Prepare an income statement for the month ended August 31, 20Y4.

2. Prepare a statement of stockholders’ equity for the month ended August 31, 20Y4.

3. Prepare a balance sheet as of August 31, 20Y4.

4. Prepare a statement of cash flows for the month ended August 31, 20Y4.

Financial Statement Effects BALANCE SHEET Assets Liabilities Stockholders' Equity %3D + Notes Common Retained Cash Land Payable Stock Earnings a. Issued common stock 50,000 50,000 b. Fees earned 54,000 54,000 Balances 104,000 50,000 54,000 c Rent expense (5,000) (5,000) Balances 50,000 49,000 000'06 d. Issued notes payable 20,000 20,000 Balances

Fantastic news! We've located the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

Survey Of Accounting

ISBN: 9780357132593

9th Edition

Authors: Carl S. Warren, Amanda Farmer

Question Posted: