Caban Company had the following balances in its accounting records as of December 31, 2011:

Required
Based on the preceding information, answer the following questions. All questions pertain to the 2012 financial statements. (Hint: Enter items in general ledger accounts under the accounting equation before answering the questions.)

a. Based on the preceding transactions, identify two additional adjustments and describe them.

b. What amount would Caban report for land on the balance sheet?

c. What amount of net cash flow from operating activities would Caban report on the statement of cash flows?

d. What amount of rent expense would Caban report in the income statement?

e. What amount of total liabilities would Caban report on the balance sheet?

f. What amount of supplies expense would Caban report on the income statement?
g. What amount of unearned revenue would Caban report on the balance sheet?
h. What amount of net cash flow from investing activities would Caban report on the statement of cash flows?
i. What amount of total expenses would Caban report on the income statement?
j. What amount of service revenue would Caban report on the income statement?
k. What amount of cash flows from financing activities would Caban report on the statement of cash flows?
l. What amount of net income would Caban report on the income statement?
m. What amount of retained earnings would Caban report on the balance sheet?

Transcribed Image Text:

Assets Claims Cash $23,000 Accounts Payable $ 5,000 Accounts Receivable 7,000 Common Stock 24,000 Land 42,000 Retained Earnings 43,000 Total $72,000 Total $72,000