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take the income statement, retained earnings statement, and the balance sheet to create the statement of cash flows there was no opening balance 7. Income
take the income statement, retained earnings statement, and the balance sheet to create the statement of cash flows
there was no opening balance
7. Income Statement Rolling Tree Care, Inc. Income Statement For the Year Ended December 2019 Revenue Interest Revenue 43,600 Sales Revenue 132,500 Service Revenue 278,300 Discount on Accounts Re 560 Less: Cost of Goods Sold 80,000 Total Revenue Expenses Advertising Expense 80,000 Interest Expense 1,400 Misc. Expenses 10.900 Rent Expense 4,600 Repair & Maintenance Ex 1,400 Salary & Wages Expense 96,000 Utilities Expense 1,300 Total Expenses 374,960 195,600 Net Income $ 179,360 273 274 7. Statement of Retained Earnings 275 Rolling Tree Care, Inc. 276 Statement of Retained Earnings 277 For the Year Ended December 31, 2019 278 2,275 279 Retained Earnings Beginning $ 179,360 280 Net Income $ 177,085 281 Retained Earnings End 282 282 7. Balance Sheet Rolling Tree Care, Inc. Balance Sheet As of December 31, 2019 Assets 307,705 311.500 $619,205 Liabilities Current Assets Cash $ 185,850 Inventory 110,000 Accounts R$ 6,655 Prepaid Ins 5,200 Total Curre $ Fixed Assets Equipment 311,500 Total Assets Current Liabilities Note Payat 493.080 Interest Pal 43.600 Dividends 11,250 Total Currer Equity Commons 9,000 Preferred 50,000 Paid-in Car 10.000 Retained E 2.275 Total Stockh Total Liabilities and Stockholders' Equity 547 930 71,275 619,205 7. Income Statement Rolling Tree Care, Inc. Income Statement For the Year Ended December 2019 Revenue Interest Revenue 43,600 Sales Revenue 132,500 Service Revenue 278,300 Discount on Accounts Re 560 Less: Cost of Goods Sold 80,000 Total Revenue Expenses Advertising Expense 80,000 Interest Expense 1,400 Misc. Expenses 10.900 Rent Expense 4,600 Repair & Maintenance Ex 1,400 Salary & Wages Expense 96,000 Utilities Expense 1,300 Total Expenses 374,960 195,600 Net Income $ 179,360 273 274 7. Statement of Retained Earnings 275 Rolling Tree Care, Inc. 276 Statement of Retained Earnings 277 For the Year Ended December 31, 2019 278 2,275 279 Retained Earnings Beginning $ 179,360 280 Net Income $ 177,085 281 Retained Earnings End 282 282 7. Balance Sheet Rolling Tree Care, Inc. Balance Sheet As of December 31, 2019 Assets 307,705 311.500 $619,205 Liabilities Current Assets Cash $ 185,850 Inventory 110,000 Accounts R$ 6,655 Prepaid Ins 5,200 Total Curre $ Fixed Assets Equipment 311,500 Total Assets Current Liabilities Note Payat 493.080 Interest Pal 43.600 Dividends 11,250 Total Currer Equity Commons 9,000 Preferred 50,000 Paid-in Car 10.000 Retained E 2.275 Total Stockh Total Liabilities and Stockholders' Equity 547 930 71,275 619,205 Step by Step Solution
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