drec Con Assets Asset Use - Decrease Assets and decr 1) Borrowed $20 cash and signed a note payable in return. 2) Received $80 cash from issuing common stock. 3) Rank received $35 in revenue from performing services. 4) Paid $15 to purchase land. 5) Paid $10 in salaries to Rank's employees, 6) Rank paid $5 in cash dividends to its stockholders. Balance Sheet Liabilities + Cash Flowns Colum OA A Operating Activities levesting Activities FA Financing Activities Income Statement Equity Notes Common Cash Land Payable + Stock Retained Earnings Net Cash Revenues Expenses Income Flow Type 1) 20 20 FA S 21 80 80 FA SISI S 31 35 35 35 UA S 4) (15) 15 (15) IA 5) (10) (10) (10) OA 6) (5) (5) FA TOT 105 15 20 80 20 35 25 10 it be wices and recei dvance to rent 0 of services avages to beg advance for Next, prepare an Income Statement for the period: Income Statement For the Year Ended 2018 Revenues Expenses Net Income $ 35 (26) $ 10 Now, prepare the Statement of Changes in Stockholders' Equity, Balance Sheet and Statement of Cash Flows assuming 2018 was the first year of operations for the company (Fill in non-shaded areas. Use the middle column for details and the right most column for totals): se Equipm record the -service word 4 m tomer Add: Issuances Statement of Changes in Stockholders' Equity For the Year Ended 2018 Beginning Common Stock - $ 80 Ending Common Stock $80 Beginning Retained Earnings Add: Net Income 10 Less: Dividends 151 Ending Retained Earnings TOTAL Stockholders' Equity $ 5 $85 375 S Casl (2400) 1100) 105 for a eds TOTAL Assets fety Comman Stack Retained Earnings IS 120 20 80 20 and rece Total Stockholdery Equity $120 50 in advance to re TOTAL Labdies and Equity d $2.500 of service 00 of wages to be Statement of Cash Flows For the Year Ended December 31, 2018 200 in advance fo Operating Activities Cash receipts from customers Cash payments for expenses urchase Equip Net Cash Flow-Operating s to record t of the service record & m customers Investing Activities Financing Activities: Cash to purchase land Net Cash Flow Investing Cash from borrowing Cash from issuance of stock Cash used to pay dividends Net Cash Flow- Financing Net Increase in Cash Beginning Cash Balance Ending Cash Balance 1151 20200 80 (5)3120) 35 rey 15 10 45 (20) 95 90 $90