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Enter the missing values in the following financial statements. Assume the company started operations January 1, Year 1, and all transactions involve cash. Revenue Expense
Enter the missing values in the following financial statements. Assume the company started operations January 1, Year 1, and all transactions involve cash. Revenue Expense Net income. For the Years Year 1 Year 2 Year 3 Income Statements $ 700 S 1,300 S 2,000 (700) (1,300) $ 200 $ 700 Statement of Changes in Stockholders' Equity Beginning common stock Plus: Common stock issued Ending common stock Beginning retained earnings Plus: Net income Less: Dividends S 0 S 6,000 5,000 1,000 2,000 5,000 6,000 0 100 200 700 (500) (300) 100 600 S 6,200 S 8,600 Ending retained earnings. Total stockholders' equity Balance Sheets Assets Cash Land Total assets Liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity 0 8,000 $ 11,200 $ 10,600 S 5,000 $ 2,000 8,000 200 600 6,200 8,600 8,100 $ 11,200 S 10,600 Total liabilities and stockholders' equity S Statements of Cash Flows Cash flows from operating activities: Cash receipts from customers Cash payments for expenses Net cash flows from operating activities Cash flows from investing activities: Cash payments for land S 1,300 (700) 200 600 700 0 (8,000) 0 Cash flows from financing activities: Cash receipts from loan 3,000 3,000 0 Cash payments to reduce debt 0 (1,000) Cash receipts from stock issue 5,000 1,000 Cash payments for dividends (100) (500) Net cash flows from financing activities 7,900 2,500 (1,300) Net change in cash 8,100 (4,900)) (600) Plus: Beginning cash balance 0 8,100 3,200 Ending cash balance $ 8.100 $ 3,200 $ 2,600
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