Fill in the blanks (indicated by the alphabetic letters in parentheses) in the following financial statements. Assume
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Fill in the blanks (indicated by the alphabetic letters in parentheses) in the following financial statements. Assume the company started operations January 1, Year 1, and all transactions involve cash. There is no letter “o” due to the similar appearance to 0.
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For the Years Year 3 Year 1 Year 2 Income Statements $ 900 $ 1,800 (600) (m) $ 2,500 Revenue Expense (a) (1,200) $ 300 Net income $ 1,300 Statements of Changes in Stockholders' Equity $ 7,000 Beginning common stock (n) 3,000 Plus: Common stock issued 6,000 1,000 7,000 Ending common stock 6,000 200 Beginning retained earnings 1,100 1,300 (500) Plus: Net income 1,200 Less: Dividends (300) Ending retained earnings 200 (p) 1,900 $11,900 Total stockholders' equity (d) 8,100 Balance Sheets Assets $ (e) $ (q) (r) 24 Cash (u) 5,000 Land Total assets $14,000 $ 5,900 $16,800 $ 4,900 (f) Liabilities (g) Stockholders' equity Common stock (s) 10,000 1,900 Retained earnings Total stockholders' equity (i) 1,100 8,100 11,900 Total liabilities and stockholders' equity $8,100 $14,000 $16,800 Statements of Cash Flows Cash flows from operating activities Cash receipts from customers Cash payments for expenses Net cash flows from operating activities $ (k) (1) $ 1,800 (600) (v) (w) 300 1,200 1,300 Cash flows from investing activities Cash payments for land Net cash flows from investing activities Cash flows from investing activities Cash receipts from loan Cash payments to reduce debt Cash receipts from stock issue Cash payments for dividends Net cash flows from financing activities (5,000) (5,000) 1,900 6,000 (2,000) 1,000 (300) (x) 6,000 (100) (z) 7,800 4,700 1,500 Net change in cash Plus: Beginning cash balance Ending cash balance 8,100 900 2,800 8,100 9,000 $ 9,000 $8,100 $11,800
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FOR THE YEARS Year 1 Year 2 Year 3 Income Statements Revenue cash 900 1800 2500 Expense cash a 600 600 1200 Net income 300 m 1200 1300 Statements of Changes in Stockholders Equity Beginning common sto...View the full answer
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Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
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