Question
Gregg Corporation started business on January 1. The following information was compiled by Gregg as of December 31. Sales revenue $20,000 Equipment 15,000 Expenses 12,000
Gregg Corporation started business on January 1.
The following information was compiled by Gregg as of December 31.
Sales revenue $20,000
Equipment 15,000
Expenses 12,000
Building 40,000
Dividends 3,000
Accounts payable $4,000
Cash 1,500
Notes payable 33,000
Accounts receivable 2,500
Common stock 20,000
Inventory 3,000
Retained earnings ?
Cash flow from operating activities 6,500
Cash flow from investing activities (55,000)
Cash flow from financing activities 50,000
Prepare the company’s year-end financial statements:
An income statement, a statement of stockholders’ equity, and a balance sheet.
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Understanding Financial Accounting
Authors: Christopher D. Burnley
2nd Canadian Edition
1119406927, 978-1119406921
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