Income Statement for August yaml Copy code Income Statement for the Month Ended August 31QuestionIncome Statement for August yaml Copy code Income Statement for the Month Ended August 31, 20Y9 --------------------------------------------------- Sales Commissions Revenue: $52,800 Total Revenue: $52,...
Earnings: Beginning Balance: $0 Net Income: $39,750 Dividends Paid: -$3,000
Ending Balance: $36,750 Total Stockholders' Equity: $71,750 2c. Balance Sheet
as of August 31, 20Y9 yaml Copy code Balance Sheet as of August 31, 20Y9
----------------------------------- Assets: Cash: $70,950 Supplies: $1,750 Total
Assets: $72,700 Liabilities and Stockholders' Equity: Accounts Payable: $950
Stockholders' Equity: $71,750 Total Liabilities and Equity: $72,700 These
, statements should accurately reflect Western Realty's financial position and
performance for August based on the transactions provided.
Answer & Explanation
The financial statements provided for Western Realty for the month ended
August 31, 20Y9 appear to be consistent and accurate based on the information
given. Let's break down each statement to ensure they align correctly:
Income Statement
Sales Commissions Revenue: $52,800
Total Revenue: $52,800 (matches Sales Commissions Revenue)
Expenses:
o Salaries Expense: $5,250
o Rent Expense: $4,500
o Auto Expense: $1,100
o Miscellaneous Expense: $1,200
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