Fill in the blanks (indicated by the alphabetic letters in parentheses) in the following financial statements. Assume
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Fill in the blanks (indicated by the alphabetic letters in parentheses) in the following financial statements. Assume the company started operations January 1, Year 1, and all transactions involve cash.
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For the Years Year 1 Year 2 Year 3 Income Statements $ 700 $ 1,300 (700) $ 2,000 (1,300) $ 700 Revenue Expense (a) $ 200 Net income $ (m) Statements of Changes In Stockholders' Equity $ 6,000 Beginning common stock (n) 1,000 Plus: Common stock issued 5,000 2,000 Ending common stock 5,000 6,000 (t) 200 Beginning retained earnings Plus: Net income 100 700 (0) (500) Less: Dividends (300) Ending retained earnings 100 600 (p) $ 6,200 $ 8,600 Total stockholders' equity (d) Balance Sheets Assets $ (4) Cash (e) (u) 8,000 Land (r) Total assets $11,200 $ 5,000 $10,600 $ 2,000 (6) Liabilities Stockholders' equity Common stock (h) 8,000 (s) 200 6,200 Retained earnings 600 Total stockholders' equity 8,600 () $8,100 Total liabilities and stockholders' equity $11,200 $10,600 %24 Statements of Cash Flows Cash flows from operating activitles Cash receipts from customers Cash payments for expenses Net cash flows from operating activities $ (k) $ 1,300 (700) 600 (V) (w) 700 200 Cash flows from Investing activitles Cash payments for land Net cash from investing activities Cash flows from Investing activitles Cash receipts from loan Cash payments to reduce debt Cash receipts from stock issue Cash payments for dividends Net cash flows from financing activities (8,000) (8,000) $ 2,000 (0) 1,000 3,000 5,000 (100) (x) (y) (z) (500) (1,300) (600) 3,200 7,900 2,500 Net change in cash Plus: Beginning cash balance 8,100 (4,900) 8,100 Ending cash balance $8,100 $ 3,200 $ 2,600 Olo %24
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FOR THE YEARS Year 1 Year 2 Year 3 Income Statements Revenue cash 700 1300 2000 Expense cash a 500 700 1300 Net income 200 m 600 700 Statements of Changes in Stockholders Equity Beginning common stock ...View the full answer
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Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
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