Maurice Tutor

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About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Jul 2017 My Price 13.00

Reliance Financial Services

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:

Assets =Liabilities + Stockholders’ Equity
    Accounts   Accounts Common   Fees Salaries Rent Auto Supplies Misc.
  Cash Receivable + Supplies = Payable + Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense
a. +50,000       +50,000              
b.     +7,000 +7,000                
                         
Bal. 50,000   7,000 7,000 50,000              
c. -3,600     -3,600                
                         
Bal. 46,400   7,000 3,400 50,000              
d. +110,000           +110,000          
                         
Bal. 156,400   7,000 3,400 50,000   110,000          
e. -33,000               -33,000      
                         
Bal. 123,400   7,000 3,400 50,000   110,000   -33,000      
f. -20,800                 -16,000   -4,800
                         
Bal. 102,600   7,000 3,400 50,000   110,000   -33,000 -16,000   -4,800
g. -55,000             -55,000        
                         
Bal. 47,600   7,000 3,400 50,000   110,000 -55,000 -33,000 -16,000   -4,800
h.     -4,500               -4,500  
                         
Bal. 47,600   2,500 3,400 50,000   110,000 -55,000 -33,000 -16,000 -4,500 -4,800
i.   +34,500         +34,500          
                         
Bal. 47,600 34,500 2,500 3,400 50,000   144,500 -55,000 -33,000 -16,000 -4,500 -4,800
j. -15,000         -15,000            
                         
Bal. 32,600 34,500 2,500 3,400 50,000 -15,000 144,500 -55,000 -33,000 -16,000 -4,500 -4,800
                         
  Required:
1. Prepare anincome statement for the month ended July 31, 2016. Refer to the lists ofAccounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If there is a net loss, enter that amount as a negative number using a minus sign. You will not need to enter colons (:) on the income statement.
2. Prepare aretained earnings statement for the month ended July 31, 2016. Refer to the lists ofAccounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. “The word “Less” or “Add” is not needed in the Retained Earnings Statement. Enter all amounts as positive numbers.
3. Prepare abalance sheet as of July 31, 2016. Refer to the lists ofAccounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
4. Prepare astatement of cash flows for the month ending July 31, 2016. Refer to the lists ofAccounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Enter amounts that represent cash outflows as a negative number using a minus sign. You will not need to enter colons (:) or the wordDeduct on the financial statements.

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Jul 2017 11:07 AM My Price 13.00

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