Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bear Tree Services reports the following amounts on December 31, 2024. Assets Cash Supplies Prepaid insurance Building Liabilities and Stockholders' Equity $ 8,300 Accounts

image text in transcribedimage text in transcribedimage text in transcribed

Bear Tree Services reports the following amounts on December 31, 2024. Assets Cash Supplies Prepaid insurance Building Liabilities and Stockholders' Equity $ 8,300 Accounts payable $ 11,500 2,400 Salaries payable 4,100 4,100 Notes payable 26,000 78,000 Common stock 40,000 11,200 Retained earnings In addition, the company reported the following cash flows. Cash Inflows Cash Outflows Customers S Sale of investments $ 72,000 Employee salaries $ 28,000 Borrow from the bank (note) 26,000 Supplies 8,800 11,200 Dividends 9,500 Purchase building 66,800 Required: 1. Prepare a balance sheet. 2. Prepare a statement of cash flows. Complete this question by entering your answers in the tabs below. Balance Sheet Statement of Cash Flows Prepare a balance sheet. BEAR TREE SERVICES Balance Sheet December 31, 2024 Assets Liabilities Total Liabilities 0 Stockholders' Equity Total Stockholders' Equity 0 Total Assets $ 0 Total Liabilities and Stockholders' Equity $ 0 Statement of Cash Flows Note: Cash outflows and decreases in cash should be indicated by a minus sign. BEAR TREE SERVICES Statement of Cash Flows For the year ended December 31, 2024 Cash Flows from Operating Activities Net Cash Flows from Operating Activities Cash Flows from Investing Activities Net cash flows used in investing activities Cash Flows from Financing Activities Net Cash Flows from Financing Activities Cash at the Beginning of the Year Cash at the End of the Year 0 0 < Balance Sheet Statement of Cash Flows >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Cost Accounting

Authors: Edward J. Vanderbeck

15th Edition

978-0840037039, 0840037031

More Books

Students also viewed these Accounting questions