1) The document contains multiple financial statements for AI Fang Co for the month of August, including a trial balance, income statement, retained earnings statement, and statement of financial position.
2) The income statement shows revenues of $7,500 and expenses of $4,370, resulting in net income of $3,130 for the month.
3) The retained earnings statement shows an increase in retained earnings from $4,800 to $7,230 after adding net income and deducting dividends of $700.
1) The document contains multiple financial statements for AI Fang Co for the month of August, including a trial balance, income statement, retained earnings statement, and statement of financial position.
2) The income statement shows revenues of $7,500 and expenses of $4,370, resulting in net income of $3,130 for the month.
3) The retained earnings statement shows an increase in retained earnings from $4,800 to $7,230 after adding net income and deducting dividends of $700.
1) The document contains multiple financial statements for AI Fang Co for the month of August, including a trial balance, income statement, retained earnings statement, and statement of financial position.
2) The income statement shows revenues of $7,500 and expenses of $4,370, resulting in net income of $3,130 for the month.
3) The retained earnings statement shows an increase in retained earnings from $4,800 to $7,230 after adding net income and deducting dividends of $700.
1) The document contains multiple financial statements for AI Fang Co for the month of August, including a trial balance, income statement, retained earnings statement, and statement of financial position.
2) The income statement shows revenues of $7,500 and expenses of $4,370, resulting in net income of $3,130 for the month.
3) The retained earnings statement shows an increase in retained earnings from $4,800 to $7,230 after adding net income and deducting dividends of $700.
INCOME STATEMENT AI FANG CO Income statement For August Revenues Service Revenues 7500 Expenses Salaries expense 2800 Rent expense 900 Ad expenses 400 Utility expense 270 Total expenses 4370 Net income 3130 LIABILITIES + EQUITY Accounts Payable + Share Capital- Ordinary + Retained Earnings + Revenues - Expenses - 4200 + 4000 + 4800
-2,800 +7,500 +1,600 -2,800 -900 -400
+270 -270 3270 + 4000 + 4800 + 7500 - 4370 -
RETAINED EARNINGS STATEMENT
AI FANG CO Retained Earnings Statement For August Retained earnings, August 1 4800 Add: Net income 3130 7930 Less: Dividends 700 Retained earnings, August 31 7230
STATEMENT OF FINANCIAL POSITION
AI FANG CO Statement of Financial Position Assets Equipment 8000 Supplies 500 Accounts receivable 3800 Cash 4200 Total assets 16500 Equity and Liabilities Equity Share capital-ordinary 4000 Retained earnings 7230 Liabilities Accounts payable 3270 Notes payable 2000 Total quity and liabilities 16500 Dividends
