Question
The following accounts and balances were drawn from the records of Barker Company at December 31, 2016: Supplies $ 1,000 Beginning retained earnings $ 9,300
The following accounts and balances were drawn from the records of Barker Company at December 31, 2016:
Supplies $ 1,000
Beginning retained earnings $ 9,300
Cash flow from investing act. (5,200 )
Cash flow from financing act. (5,000 )
Prepaid insurance 1,200
Rent expense 2,500
Service revenue 65,200
Dividends 3,000
Other operating expenses 41,000
Cash 48,000
Supplies expense 1,100
Accounts receivable 14,200
Insurance expense 2,100
Prepaid rent 4,800
Beginning common stock 40,000
Unearned revenue 6,400
Cash flow from operating act. 15,600
Land 24,000
Common stock issued 5,000
Accounts payable 17,000
A) Use the accounts and balances from Barker Company to construct an income statement.
B) Use the accounts and balances from Barker Company to construct statement of changes in stockholders equity.
C) Use the accounts and balances from Barker Company to construct balance sheet.
D) Use the accounts and balances from Barker Company to construct statement of cash flows (show only totals for each activity on the statement of cash flows). (Amounts to be deducted and cash outflows should be indicated with a minus sign.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started