02-05Pr_5e - $108,000 Stockholders' Equity Capital stock i...

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Problem 2-5 Name: Section: Score: 0% Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) will appear in the column to the right of an incorrect answer. 1. MIRAMAR REALTY, INC. Income Statement For the Month Ended July 31, 2011 Fees earned a. Operating expenses: Wages expense $33,120 Rent expense 18,000 Utilities expense b. Interest expense 1,800 Miscellaneous expense 3,960 Total operating expenses 67,500 Net income c. 2. MIRAMAR REALTY, INC. Retained Earnings Statement For the Month Ended July 31, 2011 Retained earnings, July 1, 2011 d. Net income for July $49,500 Less dividends e. f. Retained earnings, July 31, 2011 g. 3. MIRAMAR REALTY, INC. Balance Sheet July 31, 2011 Assets Cash h. Land 180,000 Total assets $238,500 Liabilities Notes payable
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Unformatted text preview: $108,000 Stockholders' Equity Capital stock i Retained earnings j k. Total liabilities and stockholders' equity l. 4. MIRAMAR REALTY, INC. Statement of Cash Flows For the Month Ended July 31, 2011 Cash flows from operating activities: Cash received from customers $117,000 Deduct cash payments for expenses 67,500 Net cash flows from operating activities m. Cash flows from investing activities: Cash payment for purchase of land (180,000) Cash flows from financing activities: Cash received from sale of capital stock $90,000 Cash received from notes payable n. o. Deduct cash dividends 9,000 Net cash flows from financing activities p. Net increase in cash q. July 1, 2011, cash balance r. July 31, 2011, cash balance s. Instructions...
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