Reference no: EM13989926
The following transactions are for the month of July for a new business, XYZ, Inc., that started business July 1, 20XX.
a. Opened a business account in the name of XYZ, Inc., with a deposit of $30,000 in exchange for capital stock.
b. Received cash from fees earned, $9,000.
c. Paid rent on office for the month, $1,000.
d. Paid commission expense for the month $2,000.
e. Paid cash for gas expense incurred in company business of $100.
f. Paid office salaries of $1,000.
g. Purchased supplies on account for $300.
h. Purchased Equipment, $10,000.
I. Paid dividends, $2,000.
Required: Analyze transactions and then take this information to develop the income statement, retained earnings statement, balance sheet, and statement of cash flow.
1. Analyze Transactions using the chart below. Give an explanation of what financial statements will be impacted by the transaction.
2. Complete the income statement using the template below and explain how this statement can be used to help management in the decision making process.
3. Complete the Retained Earnings Statement and explain how this statement can be used to help management in the decision making process.
4. Complete the Balance Sheet and explain how this statement can be used to help management in the decision making process.
5. Complete the Statement of Cash Flows and explain how this statement can be used to help management in the decision making process.
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