Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac

Exercise 54

Financial statements
Jose Loder established Bronco Consulting on August 1, 2016. The effect of each transaction and the balances after each transaction for August follow:

Instructions
1. Prepare an income statement for the month ended August 31, 2016.
2. Prepare a statement of owner's equity for the month ended August 31, 2016.
3. Prepare a balance sheet as of August 31, 2016.
4. (Optional) Prepare a statement of cash flows for the month ending August 31, 2016.