Fill in the blanks (indicated by the alphabetic letters in parentheses) in the following financial statements. Assume
Question:
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. There is no letter “o” due to the similar appearance to 0.
Transcribed Image Text:
For the Years Year 3 Year 1 Year 2 Income Statements $ 900 $ 1,800 (600) (m) $ 2,500 Revenue Expense (a) (1,200) $ 300 Net income $ 1,300 Statements of Changes in Stockholders' Equity $ 7,000 Beginning common stock (n) 3,000 Plus: Common stock issued 6,000 1,000 7,000 Ending common stock 6,000 200 Beginning retained earnings 1,100 1,300 (500) Plus: Net income 1,200 Less: Dividends (300) Ending retained earnings 200 (p) 1,900 $11,900 Total stockholders' equity (d) 8,100 Balance Sheets Assets $ (e) $ (q) (r) 24 Cash (u) 5,000 Land Total assets $14,000 $ 5,900 $16,800 $ 4,900 (f) Liabilities (g) Stockholders' equity Common stock (s) 10,000 1,900 Retained earnings Total stockholders' equity (i) 1,100 8,100 11,900 Total liabilities and stockholders' equity $8,100 $14,000 $16,800 Statements of Cash Flows Cash flows from operating activities Cash receipts from customers Cash payments for expenses Net cash flows from operating activities $ (k) (1) $ 1,800 (600) (v) (w) 300 1,200 1,300 Cash flows from investing activities Cash payments for land Net cash flows from investing activities Cash flows from investing activities Cash receipts from loan Cash payments to reduce debt Cash receipts from stock issue Cash payments for dividends Net cash flows from financing activities (5,000) (5,000) 1,900 6,000 (2,000) 1,000 (300) (x) 6,000 (100) (z) 7,800 4,700 1,500 Net change in cash Plus: Beginning cash balance Ending cash balance 8,100 900 2,800 8,100 9,000 $ 9,000 $8,100 $11,800
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (7 reviews)
FOR THE YEARS Year 1 Year 2 Year 3 Income Statements Revenue cash 900 1800 2500 Expense cash a 600 600 1200 Net income 300 m 1200 1300 Statements of Changes in Stockholders Equity Beginning common sto...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Question Posted:
Students also viewed these Business questions
-
Fill in the blanks with an appropriate word, phrase, or symbol(s). The following Euler diagram represents the statement _________ As are Bs. U A
-
Fill in the blanks with an appropriate word, phrase, or symbol(s). The following Euler diagram represents the statement ___________ As are Bs. U B.
-
Fill in the blanks with an appropriate word, phrase, or symbol(s). Rational numbers such as and are examples of __________ numbers. 1}
-
Two thousand kg of water, initially a saturated liquid at 150C, is heated in a closed, rigid tank to a final state where the pressure is 2.5 MPa. Determine the final temperature, in C. the volume of...
-
What is foreign currency intervention? How is it accomplished?
-
Find the relative maxima, relative minima, and points of inflection, and sketch the graphs of the functions, in below Problems 1. y = x2 - 4x + 2 2. y = x3 - x2 4. y = x3 - 3x2 +6 5. y = x4 -16x2 2x2...
-
Free end a. Bending moment \(=0\); shear force equals the b. Deflection \(=0\); slope \(=0\) c. Deflection \(=0\); bending moment \(=0\) d. Bending moment \(=0\); shear force \(=0\)
-
Three activities are candidates for crashing on a project network for a large computer installation (all are, of course, critical). Activity details are in the following table: (a) What action would...
-
What do Headquarters Flood Mitigation Assistance (FMA) and Pre-Disaster Mitigation (PDM) Coordinators need to enter into eGrants to control how long an application for a grant program is available to...
-
1. What are pros and cons of Apples tight control of licensing? 2. What role has ecosystem played in Apples competitive advantage?
-
Marks Consulting experienced the following transactions for Year 1, its first year of operations, and Year 2. Assume that all transactions involve the receipt or payment of cash. Transactions for...
-
List and describe nine features of a strong internal control system discussed in this chapter.
-
When can the costs incurred in the exploration and evaluation phases of operations be carried forward as assets?
-
Give the steps as in Table 3.16 in the forward search algorithm as it builds the routing database for node A in the network shown in Figure 3.58. Table 3. 16) Figure 3. 58) Table 3.16 Steps for...
-
Diagnostic programs are commonly available that record the first 100 bytes, say, of every TCP connection to a certain host, port. Outline what must be done with each received TCP packet, P, in order...
-
Consider the TCP trace in Figure 6.29. Identify time intervals representing slow start on startup, slow start after timeout, and linearincrease congestion avoidance. Explain what is going on from T =...
-
Suppose a TCP connection, with window size 1, loses every other packet. Those that do arrive have RTT = 1 second. What happens? What happens to TimeOut? Do this for two cases: (a) After a packet is...
-
If host A receives two SYN packets from the same port from remote host B, the second may be either a retransmission of the original or else, if B has crashed and rebooted, an entirely new connection...
-
A Harris poll indicated that 57% of Americans prefer to watch movies at home instead of going to a theater Pamela Gocobachi, Adults prefer staying home over going to the movies, survey says,...
-
As long as we can't lose any money, we have a risk-free investment." Discuss this comment. Q2: Both investing and gambling can be defined as "undertaking risk in order to earn a profit." Explain how...
-
Gasden Manufacturing incurred the following costs during 2014 to produce its high-quality precision instruments. The company used an activity-based costing system and identified the following...
-
Shriver Company makes two types of circuit boards. One is a high-caliber board designed to accomplish the most demanding tasks; the other is a low-caliber board designed to provide limited service at...
-
Terry Industries produces two electronic decoders, P and Q. Decoder P is more sophisticated and requires more programming and testing than does Decoder Q. Because of these product differences, the...
-
Majesty Company uses target costing to ensure that its products are profitable. Assume Majesty is planning to introduce a new product with the following estimates: Annual demand Estimated market...
-
The side of a festival food tent is staked with two guidelines as shown. If the force in the rope going from A to B is 450 lbs and the force in the rope going from A to C is 300 lbs, what is the...
-
Summarise the main features of households with financial and mortgage debt by age given in Tables 1a and 1b below and comment on differences between and within age groups over time. Table1a...
Study smarter with the SolutionInn App