Heidi Fritz established Freedom Financial Services on July 1, 2016. Freedom Financial Services offers financial planning

Post by **answerhappygod** » Sun Jun 05, 2022 5:20 pm

: Heidi Fritz Established Freedom Financial Services On July 1 2016 Freedom Financial Services Offers Financial Planning 1 (27.23 KiB) Viewed 54 times

: Heidi Fritz Established Freedom Financial Services On July 1 2016 Freedom Financial Services Offers Financial Planning 2 (21.99 KiB) Viewed 54 times

: Heidi Fritz Established Freedom Financial Services On July 1 2016 Freedom Financial Services Offers Financial Planning 3 (36.1 KiB) Viewed 54 times

: Heidi Fritz Established Freedom Financial Services On July 1 2016 Freedom Financial Services Offers Financial Planning 4 (28.71 KiB) Viewed 54 times

: Heidi Fritz Established Freedom Financial Services On July 1 2016 Freedom Financial Services Offers Financial Planning 5 (13.72 KiB) Viewed 54 times

Heidi Fritz established Freedom Financial Services on July 1, 2016. Freedom Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for Julyfollow: Assets =Liabilities + Auto Supplies Accounts Receivable + Cash + Owner's Equity Fees Salaries Rent Earned Expense Expense Expense- Accounts Payable + Supplies = Heidi Fritz Capital Heidi Fritz Drawing + Misc. Expense Expense- a +22,530 +22,530 5. +1,960 +1,960 Bal 22,530 1,960 1,960 22,530 C +22,000 +22,080 Bal. 44,610 1,960 1,960 22,530 22,080 d. -0,100 -6,100 Bal, 36,510 1,960 1,960 22,530 22,080 -6,100 e. -950 -950 Bal. 37,560 1,960 1,010 22,530 22,060 -6,100 6. +15,500 Bal. 37,560 1,960 1,010 22,530 37,500 -6,100 9. -4,280 Bal. 33,280 1,960 1,010 22,530 37,580 -6,100 h. -9,000 Bal 24,280 1,960 1,010 22,530 37,580 -6,100 +15,500 15,500 15,500 15,500 -9,000 -9,000 -2,930 -2,930 -2,930 -1,350 -1,350 -1,350
h. 9,000 Bal. 24,200 15,500 1,960 1,010 22,530 L -1,100 Bal. 24,280 15,500 860 1,010 22,530 J -5,600 Bal 18,680 15,500 860 1,010 22,530 Required: 1. Prepare an income statement for the month ended July 31, 2016. Freedom Financial Services - Income Statenient For the Month Ended July 31, 2016 Expensest Total expenses 00 -5,600 -5,600 37,580 37,580 37,580 +9,000 -9,000 -9,000 -9,000 -6,100 -6,100 -6,100 -2,930 -2,930 -2,930 -1,100 -1,100 -1,100 -1,350 -1,350 -1,350
Total expenses 2. Prepare a statement of owner's equity for the month ended July 31, 2016. If an answer is zero, enter "0". Freedom Financial Services Statement of Owner's Equity For the Month Ended July 31, 2016 3. Prepare a balance sheet as of July 31, 2016. When entering assets, enter them in order of liquidity. 00
3. Prepare a balance sheet as of July 31, 2016. When entering assets, enter them in order of liquidity. Freedom Financial Services Balance Sheet July 31, 2016 Assets Total assets Liabilities Owner's Equity Total liabilities and owner's equity
4. Prepare a statement of cash flows for the month ending July 31, 2016. For those boxes in which no entry is required, enter "0". Use the minus sign to indicate cash outflows, cash peyments, and decreases in cash. Freedom Financial Services Statement of Cash Flows For the Month Ended July 31, 2016 Cash flows from operating activities: Cash flows from investing activities Cash flows from financing activities: 00 00 00