Carmen Camry operates a consulting firm called Help Today wh

Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the com $ 6,000 27,008 9,550 5,600 860 528 25,360 C. Camry, Withdrawals 22,360 Consulting fees earned Cash Accounts receivable Office supplies Land Office equipment 5,250 Rent expense 44,800 28,000 Telephone expense 10,5e0 Miscellaneous expenses Use the above information to prepare an August 31 balance sheet for Help Today. (Hint Compute the owner\'s capital account balance as of August 31.)

Solution

1,01,220

Note: Opening Owners capital taken from balance figure of Trail balance

Help Today
Income Statement
for Month Ended August 31
Revenues
consultancy fee	27,000
		27,000
Expenses
Office Rent	9,550
Office Supplies	5,250
Salary expense	5,600
Telephone expense	860
Miscellaneous expense	520
Total Expenses		21,780
Net income		5,220