Assume that Fitness and Fun, Inc. reported the following information for the nine-month period ended September 30,
Question:
Assume that Fitness and Fun, Inc. reported the following information for the nine-month period ended September 30, 2017. Items are listed alphabetically and are in thousands of dollars.
Required:
Prepare the four basic financial statements for the nine months ended September 30, 2017.
a. Income statement
Net Income = $58,806,000
b. Statement of retained earnings
Closing Retained Earnings = $258,696,000
c. Balance sheet
Total Assets = $1,595,925,000
d. Statement of cash flows
Cash Provided by Operating Activities = $102,559,000
Cash Used in Investing Activities = $192,370,000
Cash Provided by Financing Activities = $91,576,000
Financial StatementsFinancial 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...
Step by Step Answer:
Fundamentals of Financial Accounting
ISBN: 978-1259269868
5th Canadian edition
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh