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Ashley Rhymer established Fair Play Financial Services on January 1, 2010. Fair Play Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for January are shown below.
Instructions
1. Prepare an income statement for the month ended January 31, 2010.
2. Prepare a statement of owner's equity for the month ended January 31, 2010.
3. Prepare a balance sheet as of January 31, 2010.
4. (Optional). Prepare a statement of cash flows for the month ending January 31,2010.
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