Balance Sheet, Net Income, and Cash Flows
Financial information related to Abby's Interiors for October and
November of 20Y6 is as follows:
October 31, 20Y6 November 30, 20Y6
Notes payable $204,000 $234,000
Land 490,000 561,000
Common stock 77,000 91,000
Retained earnings ? ?
Cash 58,000 173,000
a. Prepare balance sheets for Abby's Interiors as of October 31, 20Y6.
Abby's InteriorsBalance SheetOctober 31, 20Y6
Total stockholders' equity
Total liabilities and stockholders' equity$
b. Determine the amount of net income for November, assuming that dividends of $12,000 were paid.
c. Determine the net cash flows from operating activities for November.
d. Determine the net cash flows from investing activities for November.
e. Determine the net cash flows from financing activities for November.
f. Determine the net increase or decrease in cash for November.