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Sample Case - Mgmt 600 Mid-term Review Required For Blades...

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Mgmt 600 Mid-term Review Required: For Blades Inc. a) An Income Statement, in proper form, for September 2004. b) A Statement of Retained Earnings for September 2004. c) A classified Balance Sheet, in proper form, as of September 30, 2004. d) 2 Statements of Cash Flow for the month ending September 30, 2004 – one by the Direct method, the second by the indirect method. Presentation/Format does matter! 1
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Brothers Ontario and Quebec Canada incorporated a business on August 1, 2004. The business is a skate shop called Blades located in Phoenix, Arizona and began operations on September 1. The store will sell new skates as well as sharpen old skates. In the winter the business will focus on Ice skates and in the summer roller blades. The brothers are retired Canadians and realized that there was a need for their store based on the size of the Canadian population in their trailer park. The following transactions occurred: August 1 The brothers incorporate Blades, Blades issues 65,000 shares for par value. Par is $1.
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