Polk Street Homes had the following cash transactions for the month ended July 31, 2018 Cash receipts Collections from customers $ 25,000 Issued common stock 13,000 Cash payments Rent 500 Utilities 2,000 Salaries 1,500 Purchase of equipment 25,000 Payment of cash dividends 4,000 Cash balance, July ...

POLK STREET HOMES Statement of Cash Flows Month Ended July 31 ...

Polk Street Homes had the following cash transactions for the month ended July 31, 2018. Cash receipts:

Question:

Polk Street Homes had the following cash transactions for the month ended July 31, 2018. Cash receipts:
Collections from customers ........................ $ 25,000
Issued ............................... 13,000
Cash payments:
Rent .................................................. 500
Utilities ............................................... 2,000
Salaries ............................................... 1,500
Purchase of equipment ............................. 25,000
Payment of cash dividends ....................... 4,000
Cash balance, July 1, 2018 ....................... 14,000
Cash balance, July 31, 2018 ....................... 19,000
Prepare the statement of cash flows for Polk Street Homes for the month ended
July 31, 2018.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...