PR 138 Financial statements Obj V 1 Net income Jose Loder e

PR 1-38 Financial statements Obj. § V 1. Net income: Jose Loder established Bronco Consulting on August 1, 2018The effect of each transaction 10,900 and the balances after each transaction for August follow -Liabilities+ entAutoSupplies Misc ashReceivable Supplies Payable Stock -Didends+Earned Expense Expense-Expense-Expense Expens A +75,000 75,000 9,000 9000 Bal 75,000 +92,000 Bal 167,000 D -27000 Bal 140,000 000 75,000 92,000 9,000 ,000 75,0 92,000 27,000 -27,000 9,000 000 75,000 92,000 -27,000 Bal 134,000 F. Bal 134,000 3,000 75,000 75,000 92,000 33,000 1 25,000 000 +33,000 9000 3,000 -27,000 I5 500 27,000-15.500 -7.500 Bal 111,000 33,000 H. 58,000 Bal 53,00033,000 3,000 75,000 125,000 -7.500 8000 9,000 100 3,000 75,000 25,000 58000 -27,000-15,500 -7,500 Bal 53,000 33,000 000 75,000 125,000 -27,000 -ISS00 100-7S00 5,000 Bal 48 58,000 -27,000-15,500 -6,100 -7,500 1. Prepare an income statement for the month ended August 31, 2018 2. Prepare a retained earnings statement for the month ended August 31, 2018. 3, Prepare a balance sheet as of August 31, 2018. NCL TEMPLATE COptional) Prepare a statement of cash flows for the month ending August 31, 2018

Solution

1. Income statement for the month ended August 31, 2018.

2. Statement showing retained earnings for the month of August 2016

3. Balance sheet as of August 31, 2018

Total assets

Common stock

Retained earnings

75000

5900

Particulars	Amount
Net income	10900
Less: Dividend paid	(5000)
Retained earnings	5900