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Cash 6. Rescue Records needs rescuing. The downloading of songs and other media are killing its business. The owners of Rescue want to know if they made a net income or a net loss for the year ended December 31. Given the following account balances, prepare an income statement for Rescue similar to Figure 3.1 "Income Statement Advertising Expense $4,600 Salary Expense $25,470 Cost of Goods Sold $109,000 Sales Revenue $197.000 Income Tax Expense $3,800 Loss on Sale of Stock $12,090 Rent Expense $35,000 7. Your lawn care business, A Cut Above, has grown beyond your wildest dreams--to the point where you would like to buy some new equipment and hire some people to help you. Unfortunately, you don't have that kind of money sitting around, so you are applying for a loan. The bank has requested financial statements, including of course, a balance sheet. The following are the balances you have an 5/31. Prepare a classified balance sheet to submit to the bank. $2,400 Prepaid Insurance $1,400 Note Payable Due Two Years from Now (Loan from Mom) $5,000 Capital Stock (Money You Invested to Start Business) $2,000 Accounts Receivable $500 Supplies Inventory $300 Equipment, Net $3,000 Accounts Payable $300 Retained Earnings $300 8. Maria Sanchez, an accountant by trade, moonlights as a personal trainer Maria is curious about her cash inflows and outflows from her personal work for the month of February. Using the following information, prepare a statement of cash flows for Maria Cash for Supplies Inventory $500 Cash for Advertising $400 Cash Paid for Equipment $900 Cash Received from Bank Loan $1,000 Cash Paid for Insurance $700 Cash Received from Customers $2,200 Cash Paid for Taxes $400 Cash Balance, 2/1 $500 o 9. Use the following abbreviations to indicate on which statement you would find each item below. Some items may appear on more than one statement. Include all abbreviations that would apply (might be more than one) IS: Income statement SRE: Statement of retained earnings BS: Balance sheet 4 Sales 9. Capital stock 5. Cash 10. Dividends paid Gain on sale of building 11 Loss on sale of investment 7. Retained earnings 12 Income tax expense 8. Salary expense 13. Net income 6