The financial statements at the end of Stone Realty's first month of operations are shown below. Instructions1.
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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...
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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)
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