We$-$Sell Realty was organized as a corporation on August $1,20Y7,$ by the issuance of common stock of $$15,000.$ We$-$ a$.$ Identify the errors contained within the presented financial statements for We$-$Sell Realty.

Which of the financial statement$($s$)$ display the correct heading?

Which of the financial statement$($s$)$ cover a period of time?

What is the equation on the balance sheet?

What is the correct net income?

$

This error also affects what other account balance?

What is the correct total for the total assets?

$

What is the correct total for the liabilities?

$ We$-$Sell Realty was organized as a corporation on August $1,20Y7,$ by the issuance of common stock of $$15,000.$ We$-$

Sell Realty is owned and operated by Omar Farah, the sole stockholder. The following statements for We$-$Sell Realty

were prepared after its first month of operations:

We$-$Sell Realty

Income Statement

August $31,20Y7$

Expenses: b$.$ Prepare a corrected set of financial statements for We$-$Sell Realty.

b$1.$ Prepare an Income Statement for the Month Ended August $31,20Y7.$

We$-$Sell Realty

Income Statement

Expenses:

$

Total expenses

b$2.$ Prepare a statement of stockholders' equity for the month ended August $31,20Y7.$ If an amount box does not

require an entry, leave it blank.We$-$Sell Realty

Statement of Stockholders' Equity

b$3.$ Prepare a balance sheet as of August $31,20Y7.$

Sell Realty is owned and operated by Omar Farah, the sole stockholder. The following statements for We$-$Sell Realty

were prepared after its first month of operations:

We$-$Sell Realty

Income Statement

August $31,20Y7$

Expenses:

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