The financial statements at the end of Stone Realty's first month of operations are shown below. Instructions1.
Question:
The financial statements at the end of Stone Realty's first month of operations are shown below.
Instructions1. Would you classify a realty business like Stone Realty as a manufacturing, merchandising, or service business?2. By analyzing the interrelationships among the financial statements, determine the proper amounts for (a) through(o).
Financial StatementsFinancial 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:
STONE REALTY Income Staternent For the Month Ended September 30, 2010 Fees earned $141,000 Operating expenses: Wages expense Rent expense Supplies expense Utilities expense Miscellaneous expense Total operating expenses $ (a) 14,400 12,000 8.100 4,950 71,700 $ (b) Net income STONE REALTY Retained Earnings Statement For the Month Ended September 30, 2010 S (c) (d) Net income for September Less dividends $ (e) Retained earnings, September 30, 2010 STONE REALTY Balance Sheet September 30, 2010 Assets Cash $88,500 Supplies Land 6,000 (f) $ (g) Total assets Liabilities $ 7,200 Accounts payable Stockholders' Equity $ (h) (i) Capital stock Retained earnings G) $ (k) Total liabilities and stockholders' equity STONE REALTY Statement of Cash Flows For the Month Ended September 30, 2010 Cash flows from operating activities: Cash received from customers $ (1) 70,500 Deduct cash payments for payments to creditors Net cash flows from operating activities Cash flows from investing activities: Cash payments for acquisition of land Cash flows from financing activities: Cash received from issuing capital stock expenses and $ (m) 216,000 $270,000 36,000 Deduct dividends Net cash flows from financing activities Net cash flow and September 30, 2010 cash balance (n) 3 (0)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
1 Realty businesses like Stone Realty are service businesses that aid their cli...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Cost Accounting questions
-
The financial statements at the end of Sciatic Realty, Inc.s first month of operation are shown below. By analyzing the interrelationships between the financial statements, fill in the proper amounts...
-
The financial statements at the end of Flagstone Consulting, Inc.s first month of operation are shown below. By analyzing the interrelationships between the financial statements, fill in the proper...
-
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...
-
In Exercises use the differential equation and the specified initial condition to find y. dy dx || 1 4 - x y(0) = -
-
How can you create performance measures for an entire supply chain?
-
In what ways do advancements in technology and the digital age challenge traditional notions of integrity, particularly in domains such as privacy, cybersecurity, and data ethics ?
-
Define business roles and give three examples for a bank.
-
Rebecca S. Dukat arrived at Mockingbird Lanes, a bowling alley in Omaha, Nebraska, at approximately 6:00 P.M. to bowl in her league game. The bowling alleys parking lot and adjacent sidewalk were...
-
Mitre Company acquired Midwest Transportation Company for $1,399,100. The fair market values of the assets acquired were as follows. No liabilities were assumed. Equipment Land Building Franchise...
-
The town of Hillside has a surface reservoir that supplies water to the homes in the towns central residential district. A committee of residents is concerned about the systems capacity and wants to...
-
The amounts of the assets and liabilities of Padre Travel Service as of June 30, 2010, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings...
-
The following financial data were adapted from the annual report of Best Buy Inc. for the period ending February 28, 2009: In Millions Accounts payable. $ 4,997 Capital stock. 442 Cash ....... 498...
-
How can Brad Smiths effectiveness as CEO of Intuit be explained from a transformational leadership theory perspective?
-
(1) Sometimes machine learning is used on imperfect training data - for example, data collected via noisy sensors. In these cases, we might try to correct for noise while training the classifier....
-
4. After graduating from the University of Michigan, you have decided to teach a computer science course of your own. You create for your students some projects to complete, and now you want to write...
-
For the transfer function computed in (1), perform the following tasks Find the poles and zeros of the system G (s). a. b. Find the response of the system if VB = 120 u(t), where u(t) is the unit...
-
As a CFO of ABC Corporation you have to analyze a proposal for establishing a small production line of high quality oil filters for general aviation aircraft. ABC has a building that was previously...
-
Write a program using only the following MIPS instructions: The memory reference instructions load word (lw) and store word (sw) The arithmetic-logical instructions add, sub, AND, OR, and sit The...
-
Discuss several methods of protecting a persons security interest.
-
Classify each of the following as direct costs or indirect costs of operating the Pediatrics ward for children at the Cleveland Clinic: a. Wi-Fi covering the entire hospital campus b. Net cost of...
-
If a DVD can store 4.7 gigabytes (GB) of data, and a computer hard drive has a capacity of 1.5 terabytes (TB), how many DVDs of data can be loaded onto the hard drive?
-
What are some differences between financial and managerial accounting?
-
How does product costing used in financial accounting differ from product costing used in managerial accounting?
-
What does the statement costs can be assets or expenses mean?
-
Silverton Confectionery is a growing Berkshire-based company specialising in selling quality chocolates and sweets at higher than average prices through newsagents and confectioners. At present their...
-
4. X, the proprietor of a departmental store, decided to calculate separate profits for his two departments L and M for the month ending 31st January. Stock on 31st January could not be valued for...
-
What level of confidentiality should be attached to the preparation and handling of a memorandum of law? Why? Assume you have been working for a legal specialist in estate law for a number of years...
Study smarter with the SolutionInn App