Dominick Lopez operates a consulting firm called Tech Today. On August 31, the company’s records show the following accounts and amounts for the month of August. Use this information to prepare an August 31 balance sheet for Tech Today.

Exercise 2-15 Preparing a balance sheet L.O. P3

Dominick Lopez operates a consulting firm called Tech Today. On August 31, the company’s records show the following accounts and amounts for the month of August. Use this information to prepare an August 31 balance sheet for Tech Today. (Be sure to list the assets and liabilities in order of their liquidity.Omit the "$" sign in your response.)

  

Cash	$	8,360	Dividends	$	3,000
Accounts receivable		17,000	Consulting fees earned		17,000
Office supplies		3,250	Rent expense		4,550
Land		46,000	Salaries expense		8,000
Office equipment		18,000	Telephone expense		560
Accounts payable		8,000	Miscellaneous expenses		280
Common Stock		84,000

  

TECH TODAY Balance Sheet August 31
Assets
Cash	$ 8,360
Accounts receivable	17,000
Office supplies
Office equipment
Land	46,000
Total Assets	$ 92,610
Liabilities
Accounts payable	$ 8,000
Equity
Common stock	84,000
Retained earnings	610
	84,610
Total Liabilities & Equity	$ 92,610

Explanation:

TECH TODAY Income Statement For Month Ended August 31
Revenues:
Consulting fees earned				$	17,000
Expenses:
Salaries expense	$	8,000
Rent expense		4,550
Telephone expense		560
Miscellaneous expenses		280
Total expenses					13,390
Net income				$	3,610

  

TECH TODAY Statement of Retained Earnings For Month Ended August 31
Retained earnings, July 31	$	0
Add: Net income		3,610
		3,610
Less: Cash dividends		(3,000)
Retained earnings, August 31	$	610