This preview shows pages 1–3. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Expenses paid (500) Cash provided by operations 50 GAGGLE IT, Inc. Statement of retained earnings INVESTING Year ended December 31, 2006 Purchase of land (175) Beginning balance $0 FINANCING Net income 100 Issuance of capital stock 100 Dividends (10) Loan proceeds 200 Ending balance $90 Loan repayment (150) Dividends paid (10) GAGGLE IT, Inc. Total financing 140 Balance sheet December 31, 2006 Increase in cash 15 ASSETS Beginning cash balance-Cash $15 Accounts receivable 50 Ending cash balance 15 $ Land 175 Total assets $240 LIABILITIES AND EQUITY Loan payable $50 Capital stock 100 Retained earnings 90 Total liabilities and equity $240...
View Full Document
This test prep was uploaded on 04/19/2008 for the course ECON 3A taught by Professor Loster during the Winter '07 term at UCSB.
- Winter '07