Financial information related to Thorstad Interiors for June and July of 2007 is as follows:

a. Prepare balance sheets for Thorstad Interiors as of June 30 and July 31, 2007.
b. Determine the amount of net income for July, assuming that dividends of $6,000 were paid.
c. Determine the net cash flows from operating activities.
d. Determine the net cash flows from investing activities.
e. Determine the net cash flows from financing activities.
f. Determine the net increase or decrease incash.

Transcribed Image Text:

June 30, 2007 July 31, 2007 Notes payable Land Capital stock Retained earnings Cash $30,000 51,000 18,000 $45,000 75,000 27,000 54,000 81,000