N/A stands for not available. You do not need to calculate the items that are listed...

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N/A stands for "not available". You do not need to calculate the items that are listed in "N/A". Also, "N/A" does not equal 0. Oceanic Air Inc Balance Sheet At December 31, Oceanic Air Inc Income Statement For the year 2010 2011 2010 2011 Assets Revenues 44,000 55,000 Cash 7,300 (B) - Cost of sales 34,000 35,000 Prepaid Rent 200 300 = Gross profit 10,000 20,000 Inventory 3,000 N/A -Wage expenses 4,000 6,000 PPE, net (A) (C) -Other expenses (E) 8,000 Total Assets N/A N/A = Net income 3,000 6,000 Liabilities Accounts Payable 500 600 Notes Payable 12,000 (G) Unearned Revenues 4,000 5,000 Total Liabilities 16,500 N/A Oceanic Air Inc Cash Flow Statement For the year Shareholders' Equity 2010 2011 Cash From Contributed Capital 45,000 50,000 Operations 3,000 7,000 Retained Earnings Total Equity 2,000 47,000 (D) Cash From Investing (2,000) (3,500) N/A Cash From Financing Change in Cash (1,500) (2,000) -500 (F) Total Liabilities and equity N/A N/A Additional information: 1. Cash from financing in 2011 includes: (i) a cash outflow of dividend $500, (ii) a cash inflow from issuance of new stock $5,000, (iii) a cash outflow from repaying a note payable $6,500. 2. Cash from "investing activity" in 2011 relates to the purchase of additional equipment in cash. No other equipment was purchased in 2011. 3. Depreciation expense in 2011 amounted to $2,000. Required: Compute the missing numbers (A) - (F) in the balance sheet and income statement. A. PPE net (12/31/2010) (2 point) 10 B. Cash (12/31/2011) (2 points) C. PPE, net (12/31/2011) (2 points) D. Retained Earnings (12/31/2011) (2 points) E. Other Expense (2010) (2 points) F. Change in Cash (2011) (2 points) G. Notes payable (12/31/2011) (2 points) N/A stands for "not available". You do not need to calculate the items that are listed in "N/A". Also, "N/A" does not equal 0. Oceanic Air Inc Balance Sheet At December 31, Oceanic Air Inc Income Statement For the year 2010 2011 2010 2011 Assets Revenues 44,000 55,000 Cash 7,300 (B) - Cost of sales 34,000 35,000 Prepaid Rent 200 300 = Gross profit 10,000 20,000 Inventory 3,000 N/A -Wage expenses 4,000 6,000 PPE, net (A) (C) -Other expenses (E) 8,000 Total Assets N/A N/A = Net income 3,000 6,000 Liabilities Accounts Payable 500 600 Notes Payable 12,000 (G) Unearned Revenues 4,000 5,000 Total Liabilities 16,500 N/A Oceanic Air Inc Cash Flow Statement For the year Shareholders' Equity 2010 2011 Cash From Contributed Capital 45,000 50,000 Operations 3,000 7,000 Retained Earnings Total Equity 2,000 47,000 (D) Cash From Investing (2,000) (3,500) N/A Cash From Financing Change in Cash (1,500) (2,000) -500 (F) Total Liabilities and equity N/A N/A Additional information: 1. Cash from financing in 2011 includes: (i) a cash outflow of dividend $500, (ii) a cash inflow from issuance of new stock $5,000, (iii) a cash outflow from repaying a note payable $6,500. 2. Cash from "investing activity" in 2011 relates to the purchase of additional equipment in cash. No other equipment was purchased in 2011. 3. Depreciation expense in 2011 amounted to $2,000. Required: Compute the missing numbers (A) - (F) in the balance sheet and income statement. A. PPE net (12/31/2010) (2 point) 10 B. Cash (12/31/2011) (2 points) C. PPE, net (12/31/2011) (2 points) D. Retained Earnings (12/31/2011) (2 points) E. Other Expense (2010) (2 points) F. Change in Cash (2011) (2 points) G. Notes payable (12/31/2011) (2 points)