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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Identifying and arranging elements on financial statements
The following information was drawn from the records of Ruth & Associates at December 31, 2010.
|
Supplies |
$ 3,000 |
Unearned revenue |
$ 8,000 |
|
Consulting revenue |
100,000 |
Notes payable |
32,000 |
|
Land |
63,000 |
Salaries payable |
7,000 |
|
Dividends |
10,000 |
Salary expense |
47,000 |
|
Cash flow from fin. activities |
20,000 |
Common stock issued |
15,000 |
|
Interest revenue |
4,000 |
Beginning common stock |
25,000 |
|
Ending retained earnings |
60,000 |
Accounts receivable |
26,000 |
|
Cash |
52,000 |
Cash flow from inv. activities |
(30,000) |
|
Interest payable |
2,000 |
Cash flow from oper. activities |
32,000 |
|
Interest expense |
5,000 |
Prepaid rent |
5,000 |
Required
Use the preceding information to construct an income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows. (Show only totals for each activity on the statement of cash flows.)
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