Financial Statements 227 Exercise 7-1: Answer the following questions about the balance sheet and income statement: 1. The total assets are: 2. The total capital is: 3. Indicate the amount of the net income or (net loss) for the month of March: 4. The current month's gross profit is: 5. The current month's total expenses are: Exercise 7-2: Answer the following questions about the statement of cash flow and the statement of retained earnings: 1. The current month's cash balance at the beginning of the period is: 2. The year-to-date's cash balance at the beginning of the period is: 3. The cash balance at end of period for the current month is: 4. The beginning Retained Earnings balance is: 5. The ending Retained Earnings balance is: BELLWETHER GARDEN SUPPLY PROJECT To answer questions about Bellwether Garden Supply, go online to www.mhhe.com/yacht2019 > Student Edition > link to Bellwether Garden Supply Project. In this project, you examine Bellwether's transactions, reports, and internal controls. The project includes comparing controlling account balances to the subsidiary ledgers and describing why some balances may differ. McGraw-Hill Education, Computer Accounting with Sage 50 2019,2le Financial Statements 227 Exercise 7-1: Answer the following questions about the balance sheet and income statement: 1. The total assets are: 2. The total capital is: 3. Indicate the amount of the net income or (net loss) for the month of March: 4. The current month's gross profit is: 5. The current month's total expenses are: Exercise 7-2: Answer the following questions about the statement of cash flow and the statement of retained earnings: 1. The current month's cash balance at the beginning of the period is: 2. The year-to-date's cash balance at the beginning of the period is: 3. The cash balance at end of period for the current month is: 4. The beginning Retained Earnings balance is: 5. The ending Retained Earnings balance is: BELLWETHER GARDEN SUPPLY PROJECT To answer questions about Bellwether Garden Supply, go online to www.mhhe.com/yacht2019 > Student Edition > link to Bellwether Garden Supply Project. In this project, you examine Bellwether's transactions, reports, and internal controls. The project includes comparing controlling account balances to the subsidiary ledgers and describing why some balances may differ. McGraw-Hill Education, Computer Accounting with Sage 50 2019,2le