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.)

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	$	8,480	Dividends	$	1,960
Accounts receivable		17,900	Consulting fees earned		18,720
Office supplies		3,310	Rent expense		4,570
Land		47,000	Salaries expense		8,200
Office equipment		19,400	Telephone expense		670
Accounts payable		16,770	Miscellaneous expenses		500
Common stock		76,500

    

TECH TODAY Balance Sheet August 31
Assets
Cash	$
Accounts receivable
Office supplies
Office equipment
Land
Total Assets	$
Liabilities
Accounts payable	$
Equity
Common stock
Retained earnings
Total equity
Total Liabilities & Equity	$

Explanation:

TECH TODAY Income Statement For Month Ended August 31

Revenues:
Consulting fees earned			$	18,720
Expenses:
Salaries expense	$	8,200
Rent expense		4,570
Telephone expense		670
Miscellaneous expenses		500
Total expenses				13,940
Net income			$	4,780

     

TECH TODAY Statement of Retained Earnings For Month Ended August 31
Retained earnings, July 31	$	0
Add: Net income		4,780
		4,780
Less: Cash dividends		(1,960)
Retained earnings, August 31	$	2,820