SHEILA SHAW CONSULTING
Balance Sheet
August 31, 2011

Assets Liabilities
Current assets: Current liabilities: Cash $ 21,300 Accounts payable $ 1,250 Accounts receivable 3,800 Salaries payable 150 Supplies 875 Unearned fees 1,150 Prepaid Rent 2,050 Total liabilities $ 2,550 Prepaid insurance 1,670 Total current assets $ 29,695
Property, plant, and equipment: Owner’s Equity Office equipment $ 21,250 Sheila Shaw, capital 47,720 Less accum. depr. 675 Total Property, plant, and equipment 20,575 Total liabilities and
Total assets $ 50,270 owner’s equity $ 50,270

SHEILA SHAW CONSULTING
Income Statement
For the Month Ended August 31, 2011

Fees earned $ 24,325
Expenses:
Salary expense $1,550 Rent expense 1,200 Supplies expense 1,250 Insurance expense 1,000 Miscellaneous expense 715 Interest expense 65 Bad Debt expense 150 Repairs and Maintenance 200 Utilities expense 150 Payroll Tax expense 125 Office expense 525

Total expenses 6,930
Net income $ 17,395

SHEILA SHAW CONSULTING
Statement of Owner’s Equity
For the Month Ended August 31, 2011

Sheila Shaw, capital, August 1, 2011 $ 0
Additional investments during the month 36,000
Total $ 36,000
Net income for the month $ 17,395
Less withdrawals 5,000
Increase in owner’s equity 12,395
Sheila Shaw, capital, August 31, 2011 $ 48,395

SHEILA SHAW CONSULTING
Statement of Cash Flows
For the Month Ended August 31, 2011

CASH FLOWS FROM OPERATING ACTIVITIES: Net income for the month: $17,395 Adjustment for depreciation 675 Cash provided by operating activities 18,070 (Increase) in working capital items Accounts receivable (3,800) Supplies (875) Prepaid expenses 3,720 Accounts payable 1,250 Salaries payable 150