Pr2-2 VanStrate

Pr2-2 VanStrate - 8,250 Total stockholders equity 38,250...

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Name: Kristin VanStrate Section: Chapter 2 Problem 2-2 Problem 2-2 Enter the appropriate amount or formula in the shaded cells. An asterisk (*) will appear in the column to the right of an incorrect answer. 1. CPU COMPUTER SERVICES Income Statement For the Month Ended August 31, 2009 Fees earned $18,000 Operating expenses: Salaries expense $3,600 Rent expense 2,500 Automobile expense 950 Miscellaneous expense 700 Total operating expenses 7,750 Net income $10,250 2. CPU COMPUTER SERVICES Retained Earnings Statement For the Month Ended August 31, 2009 Net income for August $10,250 Less dividends 2,000 Retained earnings, August 31, 2009 $8,250 3. CPU COMPUTER SERVICES Balance Sheet August 31, 2009 Assets Cash $8,250 Land 40,000 Total assets $48,250 Liabilities Notes payable $10,000 Stockholders' Equity Capital stock $30,000 Retained earnings
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Unformatted text preview: 8,250 Total stockholders' equity 38,250 Total liabilities and stockholders' equity $48,250 4. CPU COMPUTER SERVICES Statement of Cash Flows For the Month Ended August 31, 2009 Cash flows from operating activities: Cash receipts from operating activities $18,000 Cash payments for operating activities 7,750 Net cash flows from operating activities $10,250 Cash flows from investing activities: Cash payments for land (40,000) Cash flows from financing activities: Cash receipts from issuing capital stock $30,000 Cash receipts for notes payable 10,000 Cash payments for dividends (2,000) Net cash flows from financing activities 38,000 Net increase in cash during August $8,250 Cash as of August 1, 2009 0 Cash as of August 31, 2009 $8,250...
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This note was uploaded on 04/07/2012 for the course ACC 101 taught by Professor Jeff during the Spring '12 term at Lansing.

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