The financial statements at the end of Sciatic Realty, Inc.s first month of operation are shown below.
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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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Sciatic Realty, Inc. Income Statement For the Month Ended July 31, 2007 s (a) Fees earned Operating expenses: S5,520 3,000 wages expense Rent expense Utilities expense Interest expense Miscellaneous expense Total operating expenses Net income Sciatic Realty, Inc. Retained Earnings Statement For the Month Ended July 31, 2007 Retained earnings, July 1, 2007 Net income for July Less dividends Retained earnings, July 31, 2007 S (d) $8,250 Sciatic Realy, Inc. Balance Sheet July 31, 2007 Assets S (h) 30,000 Total assets Notes payable 18,000 Stockholders' Equity Capital stock Retained earnings Total liabilities and stockholders' equity Statement of Cash Flows For the Month Ended July 31, 2007 Cash flows from operating activities Cash received from customers Deduct cash payments for expenses Net cash flows from operating activities 19,500 11,250 Cash flows from investing activities: Cash payment for purchase of land S(30,000) Cash flows from financing activities S 15,000 Cash received from sale of ca Cash receved from notes payable Deduct cash dividends Net cash flows from financing actvities pital stock (nS (o) s (q) Net increase in cash July 1, 2007, cash balance July 31, 2007, cash balance
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a 19500 net income for July 8250 plus total operating expenses also the amount of cas...View the full answer
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Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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