On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: Opened a business bank account with a deposit of $30,000 in exchange for common stock.
Purchased supplies on account, $3,000.
Paid creditor on account, $1,900.
Earned sales commissions, receiving cash, $30,600.
Paid rent on office and equipment for the month, $6,000.
Paid dividends, $9,000.
Paid automobile expenses for month, $2,880, and miscellaneous expenses, $1,380.
Paid office salaries, $3,610.
Determined that the cost of supplies on hand was $1,010; therefore, the cost of supplies used was $1,990.
Required:Indicate the effect of each transaction and the balances after each transaction.
a. Prepare an income statement for April.
b. Prepare a statement of stockholders' equity for April.
c. Prepare a balance sheet as of April 30.

Choose the best term for each definitionexpense, liability, monetary asset, statement of financial position, tangible asset, net worth, market value, investment asset, income, assetitems of monetary value a person or household ownsmoney spentmoney receivedfinancial assets purchased with the hope that they will generate income and appreciate in value to make it possible to sell at a higher price in the futurea debt or obligation owed to othersthe amount you could realistically sell an asset forassets that can be quickly and easily converted into casha measure of financial wealth and indicates the monetary value of all possessions that a person or household owns, minus the total amounts owed to othersa financial statement that describes an individual or family's financial condition on a specified date by showing assets, liabilities, and net worthpersonal property that was purchased to create a lifestyle or improve your life