The financial statements at the end of Sciatic Realty, Inc.s first month of operation are shown below.
Question:
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...
Transcribed Image Text:
Sciatic Realty, Inc. Income Statement For the Month Ended July 31, 2007 s (a) Fees earned Operating expenses: S5,520 3,000 wages expense Rent expense Utilities expense Interest expense Miscellaneous expense Total operating expenses Net income Sciatic Realty, Inc. Retained Earnings Statement For the Month Ended July 31, 2007 Retained earnings, July 1, 2007 Net income for July Less dividends Retained earnings, July 31, 2007 S (d) $8,250 Sciatic Realy, Inc. Balance Sheet July 31, 2007 Assets S (h) 30,000 Total assets Notes payable 18,000 Stockholders' Equity Capital stock Retained earnings Total liabilities and stockholders' equity Statement of Cash Flows For the Month Ended July 31, 2007 Cash flows from operating activities Cash received from customers Deduct cash payments for expenses Net cash flows from operating activities 19,500 11,250 Cash flows from investing activities: Cash payment for purchase of land S(30,000) Cash flows from financing activities S 15,000 Cash received from sale of ca Cash receved from notes payable Deduct cash dividends Net cash flows from financing actvities pital stock (nS (o) s (q) Net increase in cash July 1, 2007, cash balance July 31, 2007, cash balance
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
a 19500 net income for July 8250 plus total operating expenses also the amount of cas...View the full answer
Answered By
Mugdha Sisodiya
My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional.
Since 2012 I am providing home tutions.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Accounting questions
-
The financial statements at the end of Sayre Realty, Inc.s first month of operation are shown below. By analyzing the interrelationships among the financial statements, fill in the proper amounts for...
-
The financial statements at the end of Network Realty, Inc.s first month of operations are shown below. By analyzing the interrelationships among the financial statements, fill in the proper amounts...
-
The financial statements at the end of Ameba Realtys first month of operations are shown below. Instructions By analyzing the interrelationships among the four financial statements, determine the...
-
According to the 2020 Global Study on Occupational Fraud and Abuse, a tip is the most common way to report fraud. What should be the ethical considerations for employees before deciding whether to...
-
Analyze the following T-accounts to determine the amount of direct and indirect materials used. Raw Materials Inventory Work-in-Process Inventory Bal. Purchased Bal Bal Direct Materials Direct Labor...
-
Vasquez Ltd. is a retailer operating in Edmonton, Alberta. Vasquez uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory...
-
Gavin wants to dig deep into pricing theory, so he decides to work out an application of Eq. (16.11). He suggests to himself that a simple model of interest rates in the risk-neutral world might be...
-
Merck is considering launching a new drug called Laffolin. Merck has identied two possible demand scenarios: DEMAND LEVEL PROBABILITY 1 million patients.......30% 2 million patients........70% Merck...
-
Key figures for the recent two years of both Apple and Google follow. Apple Google $ millions Current Year Current assets Current liabilities $ 162,819 105,718 Prior Year $ 131,339 $ 152,578 115,929...
-
Using ratios to conduct financial analysis must be done with care. One year's worth of data is worth little; establishing a trend line over a period of years is the most useful approach. Using ratio...
-
After its second year of operations, the following amounts were taken from the accounting records of Lisko Services, Inc., as of December 31, 2008. Lisko Services began its operations on January 1,...
-
Crazy Creek Realty, Inc., organized October 1, 2007, is operated by Jane Eckhart. How many errors can you find in the following financial statements for Crazy Creek Realty, Inc., prepared after its...
-
Aeronautics Company purchased a machine for $115,000. The machine has an estimated useful life of eight years and a salvage value of $7,000. Journalize the disposal of the machine under each of the...
-
Find support reactions for a beam shown below. 3 kN 2 kN/m 30 A 1 m 1 m (a) Original beam 2 m UNA B
-
direction and 0 Find magnitude, resultant for the system of forces 20 kN 25 kN location of of the 60 30 A B shown in figure. 3 m D 3 m C 45 18 kN 12 kN
-
A 20N force acts perpendicular to the door 0.8m wide at its edge. Find moment at hinges. Also find moment at hinges if 20N force acts at 60 with the plane of door. i) 20N force acting perpendicular...
-
What is the profit under the "best case scenario? According to the scenario manager (output), what is the profit under the "most likely" scenario? According to the one variable DATA TABLE, what is...
-
In a worm and worm wheel, worm wheel has 120 teeth. The length of handle is 30cm and diameter of load drum is 10 cm. To lift a load of 1800N effort of 350N is required. If maximum efficiency is 40%,...
-
True Or False A patients morale will never have a bearing on what a professional does in informing them.
-
Fahrad Inc. sells all of its product on account. Fahrad has the following accounts receivable payment experience: Percent paid in the month of sale .........10 Percent paid in the month after the...
-
Calculate the directional derivative in the direction of v at the given point. Remember to use a unit vector in your directional derivative computation. f(x, y) = xy x, v=i-j, P=(2,-1) -
-
Marino's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12'' and 16'' frozen pizzas for April 2010: There are three direct materials used...
-
Coca-Cola Enterprises is the largest bottler of Coca-Cola in North America. The company purchases Coke and Sprite concentrate from The Coca-Cola Company, dilutes and mixes the concentrate with...
-
Anticipated sales for Sure Grip Tire Company were 42,000 passenger car tires and 15,000 truck tires. There were no anticipated beginning or ending finished goods inventories for either product....
-
Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 106 units @ $28 July 8 Sale 85 units July 15 Purchase 118 units @ $32 July 27...
-
Materials Costing for a Furniture Company Pull Up a Chair Company manufactures furniture. The company uses a job order cost system. Balances on August 1 from the materials ledger are as follows:...
-
You are a defense attorney, and your first big case is a multiple murder. You have come to the realization that your client really did break into a couple's home and torture and kill them in the...
Study smarter with the SolutionInn App