Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following selected accounts and account balances were taken from the records of Potts Industries Unfortunately they are all out of order. Except as otherwise

image text in transcribed
The following selected accounts and account balances were taken from the records of Potts Industries Unfortunately they are all out of order. Except as otherwise indicated, all balances are as of December 31, 017, before the closing entries were recorded: h$2:00 Acounts Recaiablo $21,000 Gash Land Insurance Expense 2,500 Beginning Retained Earnings Dividends Prepaid Insurance 3,500Service Revenue 43, 000 Cash flow from operating activities 8.600 47,200 5,500 86,000 5,000 Begining common stock Accounts Payable 15,000 Cash flow from financing activities 9,000o Supplies 2100 Ending Common Slock 12,500 Supplies Expense 1,000 Cash Flow from investing activities (6,000) Rent Expense3,500 Other Operating Expenses 59,000 Required Use the information in the table above to construct the A) Income Statement, B) Statement of Changes in Stockholders Equity, Q) Balance Sheet, and D) Statement of Cash Flows (only show totals for each activity on the statement of cash flows)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Philosophy And Technique

Authors: John William Cook

1st Edition

039520660X, 978-0395206607

More Books

Students also viewed these Accounting questions