Micro Monopoly Year 1 Record the transactions at left for Years 1 and 2 in the horizontal analysis tab provided You invest $1,500 and property worth $300 in your new company. b Your company purchases additional property for $250. Your company pays rent of $25 for utilizing another company's property. d Rent of $45 is paid to your company. f Your company collects consulting revenue of $200. Assuming that financial statements have been prepared, close the revenue and expense accounts. (You do not have to actually prepare the financial statements.) Year 2 a Additional property is purchased for $100. b Revenues of $400 are collected and earned. c Transportation expense of $50 is paid. Utilities expense of $150 is paid d e A liability of $30 is accrued at year-end. (Liabilities increase and expenses increase.) f Assuming that financial statements have been prepared, close the revenue and expense accounts. (You do not have to actually prepare the financial statements.) Assets Properties Owner's Equity Cash Liabilities Liabilities Revenues Revenues Expenses Year 1 a b Include totals at the end of Year 1 and at the end of Year 2. ---- d e Carry forward Year 1 ending balances to Year 2, as appropriate. f Then proceed to the "partial KEY" tab to check your answers against the KEY #s provided. Year 2 Beg Bal a b Finally, proceed to the "FS calculations" tab to answer 5 questions. d e f Micro Monopoly Answer questions 1 - 5 at left. Show your work by using formulas and/or by typing out your calculations. 1 What did the company earn in profits -- in Year 1? -- in Year 2? 2 What was the total owner's equity at the end of Year 1? 3 What were the total assets at the end of Year 2? 4 During Year 1, what were the net cash flows from financing activities? 5 During Year 2, what were the net cash flows from operating activities