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Neal's Investment Services: Prepare an financial statements for September 2007 including an income statement, statement of retained earnings and a balance sheet.

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At the Beginning of September, Stanley Neal Started Neal's Investment Services, a firm that offers advice about investing and managing money. On September 30, the accounting records of the business showed the following information. Prepare an income statement for the month of September 2007.

Cash $16,050
Accounts Receivable $1,500
Office Supplies $1,200
Office Equipment $18,250
Accounts Payable $2,350
Fees Income $36,400
Advertising Expense $2,750
Salaries Expense $7,500
Telephone Expense $350
Withdrawals $4,000
Stanley Neal, Capital 9-1-2007 $12,850

With the Information Listed Above Prepare a statement of owner's equity and a balance sheet for Neal's Investment Services as of September 30, 2007.

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Solution Preview

Dear student,
Solution to your posted problem is provided in a separate excel file attached herewith in the following parts.

1 Income statement

2 Statement of Retained earnings and Owner's equity

3 Balance Sheet.

Neal's Investment Services
Income statement
For the ...

Solution Summary

In Excel, the three financial statements are prepared for the problem: an income statement, statement of retained earnings and a balance sheet as of September 30, 2007.