Julie Company came into existence with a $2,000 cash investment by owners on January 1, 2013, and

Question:

Julie Company came into existence with a $2,000 cash investment by owners on January 1, 2013, and entered into the following transactions during 2013:
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,200
Cash expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,700)
Purchase of building on January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550
Purchase of trading securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500
Sale of trading securities (cost, $200) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340
Purchase of available-for-sale securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300
Sale of available-for-sale securities (cost, $100) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
The following additional information is available:
Balance in on December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $190
Depreciation expense recognized for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
Fair value of remaining trading securities on December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . 210
Fair value of remaining available-for-sale securities on December 31 . . . . . . . . . . . . . . . . . . 270
Instructions:
1. Prepare an income statement for 2013.
2. Prepare a complete statement of cash flows for 2013. Use the indirect method of reporting cash from operating activities. In all cases, assume that trading securities were acquired for operating purposes.
3. Prepare a as of December 31, 2013.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...