Mike Renner operates his own catering service. Summary financial data for March are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the balance sheet. Each increase and decrease in owners€™ equity, except transaction (4), affects net income.

a. Describe each transaction.
b. What is the amount of net decrease in cash during the month?
c. What is the amount of net increase in retained earnings during the month?
d. What is the amount of the net income for the month?
e. How much of the net income for the month was retained in the business?
f. What is the amount of net cash flows from operating activities?
g. What is the amount of net cash flows from investing activities?
h. What is the amount of net cash flows from financingactivities?

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Capital Stock Retained Land -Liabilities arnings Bal 5,000 10,000 +25,000 +10,000 Bal 64,000 5,000 10,000