use the following information to prepare a balance sheet for

use the following information to prepare a balance sheet for help today. Carmen Camry operates a consulting firm called help today, which began operations on August 1st. On August 31st, the company\'s records show The Following accounts and amounts for the month of August. Cash $25,280, accounts receivable $22,290, office supplies $5,170, land $43,950, office equipment $19,920, accounts payable $10,720 see Camry withdrawals $5920, Consulting fees earned $26,930 rent expense $9,470, salaries expense $5,530, telephone expense $780, and miscellaneous expenses $440.

Chapter 2-Homework Saved Help Save &Exit; S 6 Check my wor 1 Required information Part 3 of 3 HELP TODAY Balance Sheet 13 points eBoor Oren

Solution

               HELP TODAY

                        Income Statement

               For Month Ended August 31

Revenues:

Consulting fees earned

$26930

Total Revenues

$26930

Expenses:

Rent expense

9470

Salaries expense

5530

Telephone expense

780

Miscellaneous expenses

440

Total Expenses

$16220

Net income

$10710

HELP TODAY

Statement of Retained Earnings

For Month Ended August 31

Retained earnings, July 31

$0

Add: Net Income

10710

$10710

Less: Dividends

5920

Retained earnings, August 31

$4790

HELP TODAY

Balance Sheet

As of August 31

Assets:

Liabilities:

Cash

$25280

Accounts payable

$10720

Office supplies

5170

Office equipment

19920

Equity:

Land

43950

Common stock

101100

Account receivable

22290

Retained earnings

4790

Total Assets

$116610

Total Liabilities & Equity

$116610

Revenues:
Consulting fees earned	$26930
Total Revenues		$26930
Expenses:
Rent expense	9470
Salaries expense	5530
Telephone expense	780
Miscellaneous expenses	440
Total Expenses		$16220
Net income		$10710