Question
As of January 1, 2014, Concepts Inc. had a balance of $4,400 in Cash, $2,450 in Common Stock, and $1,950 in Retained Earnings. These were
As of January 1, 2014, Concepts Inc. had a balance of $4,400 in Cash, $2,450 in Common Stock, and $1,950 in Retained Earnings. These were the only accounts with balances in the ledger on January 1, 2014. Further analysis of the companys cash account indicated that during the 2014 accounting period, the company had (1) net cash inflow from operating activities of $5,050, (2) net cash outflow for investing activities of $14,100, and (3) net cash inflow from financing activities of $7,350. All revenue and expense events were cash events. The following accounts and balances represent the general ledger of Concepts Inc. as of December 31, 2014, before closing. c-3. Prepare a balance sheet as of December 31, 2014.
CONCEPTS INC. General Ledger | |||||||||
Assets | = | Liabilities | + | Stockholders Equity | |||||
Cash | Notes Payable | Common Stock | Revenue | ||||||
Bal. | 2,700 | Bal. | 2,900 | Bal. | 7,750 | Bal. | 9,800 | ||
Land | Retained Earnings | Expenses | |||||||
Bal. | 14,100 | Bal. | 1,950 | Bal. | 4,750 | ||||
Dividends | |||||||||
Bal. | 850 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started