Financial information related to Abby's Interiors for October and November of 20Y6 is as follows:

a. Prepare balance sheets for Abby's Interiors as of October 31 and November 30, 20Y6.
b. Determine the amount of net income for November, assuming that dividends of $12,000 were paid.
c. Determine the net cash flows from operating activities for November.
d. Determine the net cash flows from investing activities for November.
e. Determine the net cash flows from financing activities for November.
f. Determine the net increase or decrease in cash for November.

Transcribed Image Text:

October 31, 20Y6November 30, 20Y6 Notes payable Land Common stock Retained earnings Cash $200,000 500,000 75,000 $250,000 575,000 90,000 50,000 175,000