Question

The following accounts and balances were drawn from the records of Shearer Company at December 31, 2016:
Cash .................. $22,100
Land .................. 43,000
Insurance expense ............. 2,500
Dividends ................ 5,000
Prepaid insurance ............ 3,500
Accounts payable ............. 15,000
Supplies ................. 2,100
Supplies expense ............. 1,000
Rent expense ............... 3,500
Accounts receivable ............ $21,000
Cash flow from operating act. ....... 8,600
Beginning retained earnings ......... 47,200
Beginning common stock ......... 5,500
Service revenue .............. 86,000
Cash flow from financing act. ........ 9,000
Ending common stock .......... 14,500
Cash flow from investing act. ........ (6,000)
Other operating expenses ......... 59,000
Required
Use the accounts and balances from Shearer Company to construct an income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows (show only totals for each activity on the statement of cash flows).


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  • CreatedApril 20, 2015
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