Squirrel Tree Services reports the following amounts on December 31. In addition, the company reported the following
Question:
Squirrel Tree Services reports the following amounts on December 31.
In addition, the company reported the following cash flows.
Required:
1. Prepare a balance sheet.
2. Prepare a statement of cashflows.
Transcribed Image Text:
Liabilities and Stockholders' Equity Assets Cash Supplies Prepaid insurance3,500 Building $7,700 Accounts payable 1,800 Salaries payable $9,700 3,500 20,000 40,000 11,800 Notes payable 72,000 Common stock Retained earnings Cash Inflows Customers Borrow from the bank (note Sale of investments Cash Outflows $60,000 Employee salaries $22,000 4,000 6,500 Purchase building 62,000 20,000 Supplies 10,000 Dividends
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Requirement 1 Squirrel Tree Services Balance Sheet Assets Liabilities Cash 7700 Accounts payable 970...View the full answer
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Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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