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Category > Management Posted 04 Apr 2018 My Price 9.00

alphabetic letters

Problem 2-34   Missing information in financial statements

 

Required

 

2010 For the Years 2011 2012 Income Statements Revenue $ 700 $ 1,300 $ 2,000 Expense (a) (700) (1,300) Net income $ 200 $ (m) $ 700 Statement of Changes in Stockholders’ Equity Beginning common stock $ 0 $ (n) $ 6,000 Plus: Common stock issued 5,000 1,000 2,000 Ending common stock 5,000 6,000 (t) Beginning retained earnings 0 100 200 Plus: Net income (b) (o) 700 Less: Dividends (c) (500) (300) Ending retained earnings 100 (p) 600 Total stockholders’ equity $ (d) $ 6,200 $ 8,600 continued Fill in the blank (as indicated by the alphabetic letters in parentheses) in the following financial statements. Assume the company started operations January 1, 2010, and that all transactions involve cash.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                   

 

 

 

Balance Sheets

Assets

 

 

 

Cash

$     (e)

$     (q)

$      (u)

Land

        0

          (r)

    8,000

Total assets

$      (f)

$11,200

$10,600

Liabilities

$     (g)

$ 5,000

$ 2,000

Stockholders’ equity

 

 

 

Common stock

(h)

(s)

8,000

Retained earnings

        (i)

       200

       600

Total stockholders’ equity

        (j)

    6,200

    8,600

Total liabilities and stockholders’ equity

$8,100

$11,200

$10,600

Statements of Cash Flows

Cash flows from operating activities

 

 

 

Cash receipts from revenue

$     (k)

$ 1,300

$     (v)

Cash payments for expenses

        (l)

      (700)

        (w)

Net cash flows from operating activities

     200

       600

       700

Cash flows from investing activities

 

 

 

Cash payments for land

        0

   (8,000)

          0

Cash flows from financing activities

 

 

 

Cash receipts from loan

3,000

3,000

0

Cash payments to reduce debt

0

(1,000)

(x)

Cash receipts from stock issue

5,000

1,000

(y)

Cash payments for dividends

    (100)

      (500)

         (z)

Net cash flows from financing activities

7,900

2,500

(1,300)

Net change in cash

8,100

(4,900)

(600)

Plus: Beginning cash balance

0

8,100

3,200

Ending cash balance

$8,100

$ 3,200

$ 2,600

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Apr 2018 06:04 PM My Price 9.00

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