The following events apply to Paradise Vacationss first year of operations:

Acquired $33,000 cash from the issue of common stock on January 1, Year 1.

Purchased $1,450 of supplies on account.

Paid $5,760 cash in advance for a one-year lease on office space.

Earned $41,350 of revenue on account.

Incurred $14,450 of other operating expenses on account.

Collected $30,500 cash from accounts receivable.

Paid $9,650 cash on accounts payable.

Paid a $4,300 cash dividend to the stockholders.

Information for Adjusting Entries

There was $280 of supplies on hand at the end of the accounting period.

The lease on the office space covered a one-year period beginning November 1.

There was $4,900 of accrued salaries at the end of the period.

Required

Prepare a statement of changes in stockholders equity.

PARADISE VACATIONS
Statement of Changes in Stockholders Equity
For the Year ended December 31, Year 1
Beginning common stock
Ending common stock
Beginning retained earnings
Ending retained earnings
Total stockholders equity

Prepare a balance sheet.

PARADISE VACATIONS
Balance Sheet
As of December 31, Year 1
Assets
Total assets
Liabilities
Total liabilities
Stockholders Equity
Total stockholders equity
Total liabilities and stockholders equity

Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.)

PARADISE VACATIONS
Statement of Cash Flows
For the Year ended December 31, Year 1
Cash flows from operating activities
Net cash flow from operating activities
Cash flows from investing activities
Cash flows from financing activities
Net cash flow from financing activities
Net change in cash
Ending cash balance