Description Assets Liabilities Equity Contributed Capital Retained Earnings Accounts Office Receivable Supplies Accounts Payable Common Stock Service Rent Salaries Dividends Revenue Expense Expense Total Assets Total Liabilities Total Equity A= L+SE Cash Land Received $50,000 cash from Luigi 1 Stefanni and issued stock. Balance +50,000 50,000 +50,000 50,000 0 0 0 0 0 0 0 0 50,000 0 50,000 TRUE -23,000 27,000 +23,000 23,000 0 0 0 50,000 0 ol 50,000 0 0 50,000 TRUE +300 +300 300 27,000 0 300 23,000 50,000 0 0 0 0 50,300 300 50,000 TRUE +7,500 2 Purchased land for $23,000 cash. Balance Purchased $300 of office supplies 3 on account. Balance Received $7,500 cash for services 4 performed. Balance Performed services on account, 5 $2,000. Balance Paid in cash: $1,500 for rent & 6 $1,100 for employees' salaries Balance +7,500 34,500 0 300 23,000 300 50,000 0 7,500 0 0 57,800 300 57,500 TRUE +2,000 2,000 +2,000 9,500 34,5001 300 23,000 300 50,000 0 0 0 59,800 3001 59,500 TRUE -2,600 31,900 -1,500 -1,500 -1,100 -1,100 2,000 300 23,000 300 50,000 0 9,500 57,200 300 56,900 TRUE -250 31,650 -250 50 2,000 300 23,000 50,000 0 9,500 -1,500 -1,100 56,950 50 56,900 TRUE 7 Paid $250 to creditor on account. Balance Collected $1,600 from customers 8 on account. Balance 9 Paid $4,000 cash dividend. Balance -1,600 400 300 23,000 50 50,000 9,500 -1,500 - 1,100 56,9501 50 56,9001 TRUE +1,600 33,2501 - 4,000 29,250 01 -4,000 - 4,000 400 300 23,000 50 50,000 9,500 -1,5001 - 1,100 52,950 50 52,900 TRUE 1 2 Prepare the statement of cash flows. Fill in the blue shaded areas using a formula that references the changes in the account balances due to the corresponding transaction in the ENTERANSWERS1 tab. Do not use an equal sign (=) when entering a numeric value. Enter value in all answer boxes, even if answer is . (Alwiys use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab, you will be marked wrong.) Statement of Cash Flows 5 5 7 3 Cash Flows from operating activities: Receipts: 0 1 2 3 Payments: 5 Total Payments 6 Net cash provided by operating activities 7 8 Cash flows from investing activities: 9 0 Net cash used by investing activities 1 2 Cash flows from financing activities: 3 4 5 Net cash provided by financing activities 6 7 8 9 0 -1 2 3 HINTS 4 Cell Hint: 5 E13:E24 Be sure that the amount is entered as a negative number if it is an outflow. 6 $