The financial statements at the end of Cayenne Realtys first month of operations are shown below. Instructions
Question:
Instructions
By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through(q).
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Cayenne Realty Income Statement For the Month Ended June 30, 2008 s (a) Fees earned Expenses. Wages expense . . Rent expense. Supplies expense.. $34,000 12,800 .. 7,200 4,400 Miscellaneous expense. 70,400 $49,600 Total expenses... Cayenne Realty Statement of Owner's Equity For the Month Ended June 30, 2008 S (c) $160,000 Net income for June Less withdrawals Andrea Merkel, capital, June 30, 2008. 24,000 Cayenne Realty Balance Sheet June 30, 2008 Assets 17,800 14,200 160,000 Liabilities Accounts payable. . .. 6,400 Owner's Equity Supplies Land .. . Andrea Merkel, capital Total liabilities and Total assets .. owner's equity . . . Cayenne Realty Statement of Cash Flows For the Month Ended June 30, 2008 Cash flows from operating activities: Cash received from customers ...S (k) Deduct cash payments for expenses and Net cash flow from operating activities . Cash payments for acquisition of land... 78,200 . . . . . .. Cash flows from investing activities: . Cash flows from financing activities: Deduct cash withdrawal by owner .. . . . . . . . . . . . . . Net cash flow from financing activities _ . . . . . Net cash flow and June 30, 2008, cash balance ......-..
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a Fees earned 120000 49600 70400 b Supplies expense 12000 70400 34000 12800 7200 44...View the full answer
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Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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