Required
Fill in the blanks (indicated by the alphabetic letters in parentheses) in the following financial statements. Assume the company started operations January 1, 2016, and all transactions involve cash.

Transcribed Image Text:

For the Years 2016 2017 Income Statements $ 2,000 (a)(700 1,300) S 200 (m)700 $700 $ 1,300 Revenue Expense Net income Statements of Changes in Stockholders' Equity Beginning common stock Plus: Common stock issued $ 6,000 2,000 5,000 5,000 Ending common stock Beginning retained earnings Plus: Net income Less: Dividends 1,000 6,000 100 0 200 (300) 600 $ 8,600 100 Ending retained earnings Total stockholders' equity S (d 6,200 Balance Sheets Assets Cash Land Total assets Liabilities Stockholders' equity $ (e) () S(u) 8,000 $10,600 2,000 $ (f $11,200 S (g) 5,000 Common stock Retained earnings 200 6,200 R 100$11,200 8,000 600 8,600 $10,600 Total stockholders' equity Total liabilities and stockholders' equity Statements of Cash Flows Cash flows from operating activities Cash receipts from customers Cash payments for expenses $ (k) 1,300 (V) (700) 600 200 Net cash flows from operating activities Cash flows from investing activities 700 Cash payments for land (8,000) Cash flows from financing activities Cash receipts from loan Cash payments to reduce debt Cash receipts from stock issue Cash payments for dividends 3,000 5,000 7,900 3,000 (1,000) 1,000 (100 (500) Net cash flows from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance 2,500 (4,900) 8,100 3,200 1,300 (600) 3,200 2,600 8,100 $8,100