Maria Hernandez solution

Maria Hernandez solution - Balance Sheet 1-Jul-04 ASSETS...

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Balance Sheet 1-Jul-04 Maria Hernadez Assoc ASSETS LIABILITIES Current Assets Current Liabilities Cash $12,000 Accounts payable $0 Accounts receivable 0 Interest payable 0 Remaining Office Supplies 5,000 Total Current Liabilities Prepaid rent 6,000 Total Current Assets $23,000 Long-term Liabilities Private loan $20,000 Fixed Assets Total Long-Term Liabilities $20,000 Computers and Software 27,000 (less accumulated depreciation) 0 Owner's Equity Total Net Fixed Assets $27,000 Maria's Equity $30,000 Retained earnings 0 Total Owner's Equity $30,000 TOTAL ASSETS $50,000 TOTAL LIABILITIES & EQUITY $50,000 Statement of Cash Flows Prior to 7/1/04 Maria Hernandez Assoc. Cash flows from operating activities Net cash provided (used) by operating activities $0  Cash flows from investing activities Cash paid for equipment and software (27,000) Cash paid for rent (6,000) Cash paid for office supplies (5,000) Net cash provided (used) by investing activities ($38,000) Cash flows from financing activities Owner contribution 30,000  Private debt 20,000 
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