Financial statements Seth Feye established Reliance Financial Services on July 1, 2016. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and...

Financial statements

Seth Feye established Reliance Financial Services on July 1, 2016. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow:

1. Prepare an income statement for the month ended July 31, 2016.

2. Prepare a retained earnings statement for the month ended July 31, 2016.

3. Prepare a balance sheet as of July 31, 2016.

4. (Optional) Prepare a statement of cash flows for the month ending July 31, 2016.