Prepare a retained earning statement for month ended january

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Reference no: EM13899890

Chris Darby established Top-Gun Computer Services on January 1, 2007. The effect of each transaction and the balances after each transaction for January are below shown in the integrated financial statement framework.

Instructions

1. Prepare an income statement for the month ended January 31, 2007.

2. Prepare a retained earnings statement for the month ended January 31, 2007.

3. Prepare a balance sheet as of January 31, 2007.

4. Prepare a statement of cash flows for the month ended January 31, 2007.

d. Issued notes payable	10,000		10,000
Balances	47,500		10,000	25,000	12,500
e. Purchased land	-30,000	30,000
Balances	17,500	30,000	10,000	25,000	12,500
f. Paid expenses	-1,650				-1,650	f.
Balances	15,850	30,000	10,000	25,000	10,850
g. Paid salary expense	-3,500				-3,500	g.
Balances	12,350	30,000	10,000	25,000	7,350

f. Operating	-1,650
g. Operating	-3,500
i. Financing	-1,500
Increase in cash	10,850

Reference no: EM13899890

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