Question
On January 1, 2016, the following information was drawn from the accounting records of Carter Company: cash of $350; land of $2,250; notes payable of
On January 1, 2016, the following information was drawn from the accounting records of Carter Company: cash of $350; land of $2,250; notes payable of $650; and common stock of $1,300.
Income statement dated December 31, 2016.
Revenue $620
Expenses -$360
Net Income $260
a. Prepare a statement of changes in stockholders equity dated December 31, 2016.
b. Prepare a balance sheet dated December 31, 2016.
c. Prepare a statement of cash flows dated December 31, 2016. (Amounts to be deducted should be indicated with a minus sign.)
d. What is the balance in the Revenue account on January 1, 2016?
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Ready Notes For Use With Managerial Accounting
Authors: Ronald W. Hilton
4th Edition
0073656518, 978-0073656519
