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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 6
Financial statements
Seth Feye established Reliance Financial Services on July 1, 2016. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow:
Instructions
1. Prepare an income statement for the month ended July 31, 2016.
2. Prepare a statement of owner's equity for the month ended July 31, 2016.
3. Prepare a balance sheet as of July 31, 2016.
4. (Optional) Prepare a statement of cash flows for the month ending July 31, 2016.
Seth Feye established Reliance Financial Services on July 1, 2016. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow:
Instructions
1. Prepare an income statement for the month ended July 31, 2016.
2. Prepare a statement of owner's equity for the month ended July 31, 2016.
3. Prepare a balance sheet as of July 31, 2016.
4. (Optional) Prepare a statement of cash flows for the month ending July 31, 2016.
Explanation
Verified
Verified
Answer: 1.Income Statement :-
The incom...
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
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