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Category > Business & Finance Posted 26 May 2017 My Price 6.00

George began a business, and after collecting $6,000 from an equity investor

George began a business, and after collecting $6,000 from an equity investor and borrowing $5,000 from a bank, he purchased a piece of land for $8,000. During the year, he leased the land to Sheila and received $3,000 in cash. He paid $2,500 cash for expenses during the year and paid an $800 dividend to the equity investor.

Prepare an income statement, a statement of shareholders’ equity, a balance sheet, and statement of cash flows for the period. What did George do that may have concerned the bank? Explain.

 

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Alpha Geek
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Status NEW Posted 26 May 2017 02:05 PM My Price 6.00

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file 1495808728-Answer.docx preview (184 words )
G-----------eor-----------ge -----------beg-----------an -----------a b-----------usi-----------nes-----------s, -----------and----------- af-----------ter----------- co-----------lle-----------cti-----------ng -----------$6,-----------000----------- fr-----------om -----------an -----------equ-----------ity----------- in-----------ves-----------tor----------- an-----------d b-----------orr-----------owi-----------ng -----------$5,-----------000----------- fr-----------om -----------a b-----------ank-----------, h-----------e p-----------urc-----------has-----------ed -----------a p-----------iec-----------e o-----------f l-----------and----------- fo-----------r $-----------8,0-----------00.----------- Du-----------rin-----------g t-----------he -----------yea-----------r, -----------he -----------lea-----------sed----------- th-----------e l-----------and----------- to----------- Sh-----------eil-----------a a-----------nd -----------rec-----------eiv-----------ed -----------$3,-----------000----------- in----------- ca-----------sh.----------- He----------- pa-----------id -----------$2,-----------500----------- ca-----------sh -----------for----------- ex-----------pen-----------ses----------- du-----------rin-----------g t-----------he -----------yea-----------r a-----------nd -----------pai-----------d a-----------n $-----------800----------- di-----------vid-----------end----------- to----------- th-----------e e-----------qui-----------ty -----------inv-----------est-----------or.----------- P-----------rep-----------are----------- an----------- in-----------com-----------e s-----------tat-----------eme-----------nt,----------- a -----------sta-----------tem-----------ent----------- of----------- sh-----------are-----------hol-----------der-----------sâ€-----------™ e-----------qui-----------ty,----------- a -----------bal-----------anc-----------e s-----------hee-----------t, -----------and----------- st-----------ate-----------men-----------t o-----------f
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