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Unformatted text preview: SHERI BROWN Problem 10-20 a. Mazzel Company Income Statement Balance Sheet Statement of Cash Flows Sales Revenue $39,000 Assets Operating Activities Operating Expenses (66,000) Cash $ 6,000 Inflow from Revenue $39,000 Net Loss $(27,000) Total Assets $ 6,000 Outflow for Expenses (66,000) Net Outflow from Op. Act. (27,000) Equity Investing Activities Common Stock $33,000 Financing Activities 33,000 Retained Earnings (27,000) Net Change in Cash 6,000 Total Equity $ 6,000 Beginning Cash Balance Ending Cash Balance $ 6,000 Problem 10-20 b. Mazzel Company Income Statement Balance Sheet Statement of Cash Flows Sales Revenue $39,000 Assets Operating Activities Depreciation Exp. (16,500) Cash $ 6,000 Inflow from Rev. $39,000 Net Income $22,500 Rental Equipment 66,000 Investing Activities Accumulated Dep. (16,500) Outflow to Purchase Auto. (66,000) Total Assets $55,500 Financing Activities Issue Stock 33,000 Equity Net Change in Cash 6,000 Common Stock $33,000 Beginning Cash Balance Retained Earnings 22,500 Ending Cash Balance $6,000 Total Equity $55,500 Probem 10-20...
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