Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: Opened a business bank account in the name

Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July:

  1. Opened a business bank account in the name of Stanley Insurance Inc., with a deposit of $60,000 in exchange for common stock.
  2. Borrowed $100,000 by issuing a note payable.
  3. Received cash from fees earned, $30,000.
  4. Paid rent on office and equipment for the month, $5,000.
  5. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000.
  6. Paid office salaries, $6,500.
  7. Paid interest on the note payable, $500.
  8. Purchased land as a future building site, paying cash of $120,000.
  9. Paid dividends, $3,000.

just need help w/ income statement and statement of cash flow

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

Cost Accounting

Authors: James A. Cashin, Ralph S. Polimeni, Sheila Handy

3rd Edition

0070110263, 9780070110267

More Books

Students also viewed these Accounting questions

Question

Where do your students find employment?

Answered: 1 week ago