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Rudy Gandolfi owns and operates Rudy$$s Furniture Emporium Incorporated. The balance sheet totals for assets, liabilities, and stockholders$$ equity at August $1,2022,$ are as indicated. Described here are several transactions entered into by the company throughout the month of August.

Required:

Indicate the amount and effect of each transaction on total assets, total liabilities, and total stockholders' equity, and then compute the new totals for each category. The first transaction is provided as an illustration.

What was the amount of net income $($or loss$)$ during August? How much were total revenues and total expenses during August?

What were the net changes during the month of August in total assets, total liabilities, and total stockholders' equity?

Which of the following statement$($s$)$ is$/$are true?

Indicate the amount and effect of each transaction on total assets, total liabilities, and total stockholders' equity, and then compute the new totals for each category. The first transaction is provided as an illustration.

Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Leave no cells blank. Enter $"0"$ wherever necessary.

Assets $=$ Liabilities $+$ Stockholders' Equity

August $1,2022$ totals $$700,000$ $$500,000$ $$200,000$

August $3,$ borrowed $$50,000$ in cash from the bank $50,00050,0000$

New totals $$750,000$ $$550,000$ $$200,000$

August $7,$ bought merchandise inventory valued at $$75,000$ on account

New totals $$750,000$ $$550,000$ $$200,000$

August $10,$ paid $$25,000$ cash for operating expenses

New totals $$750,000$ $$550,000$ $$200,000$

August $14,$ received $$120,000$ in cash from sales of merchandise that had cost $$72,000$

New totals $$750,000$ $$550,000$ $$200,000$

August $17,$ paid $$60,000$ owed on accounts payable

New totals $$750,000$ $$550,000$ $$200,000$

August $21,$ collected $$44,000$ of accounts receivable

New totals $$750,000$ $$550,000$ $$200,000$

August $24,$ repaid $$30,000$ to the bank, plus $$1,000$ interest

New totals $$750,000$ $$550,000$ $$200,000$

August $29,$ paid Rudy Gandolfi a cash dividend of $$15,000$

New totals $$750,000=$ $$550,000+$ $$200,000$

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