The financial statements at the end of Zeppelin Realtys first month of operations are shown below. Instructions
Question:
Instructions
By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through(q).
Financial 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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Zeppelin Realty Income Statement For the Month Ended November 30, 2006 Fees earned Operating expenses: Wages expense Rent expense Supplies expense Utilities expense Miscellaneous expense $8 50000 32 0000 b) 180000 110000 Total operating oxpenses 176 00 00 $1240 0 oo Net income Zeppelin Realty Statement of Owner's Equity For the Month Ended November 30, 2006 Craig Haas, capital, Novembor 1, 2006 Investment on November 1, 2006 Not income for November $4000000 e) 600000 Less withdrawals Increase in owner's equity Craig Haas, capital, November 30, 2006 Zeppelin Realty Balance Sheet November 30, 2006 Assets Liabllitles Cash Supplies Land $580000 Accounts payable $ 160000 220000 Owner's Equity 4000 000 Craig Haas, capital Total liabilities and Total assets howner's equity Zeppelin Realty Statement of Cash Flows For the Month Ended November 30, 2006 Cash flows from operating actvitles: Gash received from customers Deduct cash payments for expenses and payments to creditors Net cash flow from operating activities Cash flows from investing activities: Cash payments for acquisition of land Cash fiows from financing activities Cash received as owner's investment Deduct cash withdrawal by owner Net cash flow from financing activities Net cash flow and November 30, 2006 cash balance
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All figures are in 00 a Fees earned 30000 12400 17600 b Supplies expense 300...View the full answer
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Related Book For
Accounting
ISBN: 978-0324188004
21st Edition
Authors: Carl s. warren, James m. reeve, Philip e. fess
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