Question

Financial Statements

Jose Loder established Bronco Consulting on August 1, 2019. 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.	+32,860					+32,860
b.			+2,860		+2,860
Bal.	32,860		2,860		2,860	32,860
c.	+32,200							+32,200
Bal.	65,060		2,860		2,860	32,860		32,200
d.	-8,900									-8,900
Bal.	56,160		2,860		2,860	32,860		32,200		-8,900
e.	-1,380				-1,380
Bal.	54,780		2,860		1,480	32,860		32,200		-8,900
f.		+22,700						+22,700
Bal.	54,780	22,700	2,860		1,480	32,860		54,900		-8,900
g.	-6,240										-4,270		-1,970
Bal.	48,540	22,700	2,860		1,480	32,860		54,900		-8,900	-4,270		-1,970
h.	-13,100								-13,100
Bal.	35,440	22,700	2,860		1,480	32,860		54,900	-13,100	-8,900	-4,270		-1,970
i.			-1,600									-1,600
Bal.	35,440	22,700	1,260		1,480	32,860		54,900	-13,100	-8,900	-4,270	-1,600	-1,970
j.	-8,200						-8,200
Bal.	27,240	22,700	1,260		1,480	32,860	-8,200	54,900	-13,100	-8,900	-4,270	-1,600	-1,970

Required:

1. Prepare an income statement for the month ended August 31, 2019.

Bronco Consulting
Income Statement
For the Month Ended August 31, 2019
		$
Expenses:
	$
Total expenses
		$

2. Prepare a statement of owner's equity for the month ended August 31, 2019. If an answer is zero, enter "0".

Bronco Consulting
Statement of Owner's Equity
For the Month Ended August 31, 2019
		$
	$
		$

3. Prepare a balance sheet as of August 31, 2019. When entering assets, enter them in order of liquidity.

Bronco Consulting
Balance Sheet
August 31, 2019
Assets
	$
Total assets	$
Liabilities
	$
Owner's Equity
Total liabilities and owner's equity	$

4. Prepare a statement of cash flows for the month ending August 31, 2019. 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, 2019
Cash flows from operating activities:
	$
		$
Cash flows from investing activities
Cash flows from financing activities:
	$
		$

Answer 1