Accounting Question
AmazingExpert (Not rated)
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Enter the missing valuesin the following financial statements. Assume the company started operations January 1, 2013, and all transactions involve cash. (Amounts in parentheses do not require a minus sign in front of them.)
For the Years | |||||||||
| 2013 | 2014 | 2015 | |||||||
| Income Statements | |||||||||
| Revenue | $ | 430 | $ | 530 | $ | 830 | |||
| Expense | (265 | ) | ( | ) | (440 | ) | |||
| Net income | $ | $ | 115 | $ | 390 | ||||
| Statement of Changes in Stockholders’ Equity | |||||||||
| Beginning common stock | $ | 0 | $ | $ | 9,700 | ||||
| Plus: Common stock issued | 1,400 | 340 | |||||||
| Ending common stock | $ | 8,300 | $ | 9,700 | |||||
| Beginning retained earnings | 0 | 31 | 81 | ||||||
| Plus: Net income | 115 | 390 | |||||||
| Less: Dividends | ( | ) | (65 | ) | (159 | ) | |||
| Ending retained earnings | 31 | 312 | |||||||
| Total stockholders’ equity | $ | $ | 9,781 | $ | |||||
| Balance Sheets | |||||||||
| Assets | |||||||||
| Cash | $ | $ | $ | ||||||
| Land | 0 | 2,650 | |||||||
| Total assets | $ | 12,000 | $ | 12,650 | $ | 11,500 | |||
| Liabilities | $ | $ | $ | 1,148 | |||||
| Stockholders’ equity | |||||||||
| Common stock | $ | $ | $ | 10,040 | |||||
| Retained earnings | 81 | 312 | |||||||
| Total stockholders’ equity | 8,331 | 9,781 | 10,352 | ||||||
| Total liabilities and stockholders’ equity | $ | 12,000 | $ | 12,650 | $ | 11,500 | |||
| Statements of Cash Flows | |||||||||
| Cash flows from operating activities | |||||||||
| Cash receipts from customers | $ | $ | 530 | $ | |||||
| Cash payments for expenses | ( | ) | (415 | ) | ( | ) | |||
| Net cash flows from operating activities | 165 | 115 | 390 | ||||||
| Cash flows from investing activities | |||||||||
| Cash payments for land | 0 | (5,300 | ) | 0 | |||||
| Cash receipt from sale of land | 0 | 0 | 2,650 | ||||||
| Net cash flows from investing activities | 0 | (5,300 | ) | 2,650 | |||||
| Cash flows from financing activities | |||||||||
| Cash receipts from borrowed funds | 3,669 | 0 | 0 | ||||||
| Cash payments to reduce debt | 0 | (800 | ) | ( | ) | ||||
| Cash receipts from stock issue | 8,300 | 1,400 | |||||||
| Cash payments for dividends | (134 | ) | (65 | ) | ( | ) | |||
| Net cash flows from financing activities | 11,835 | 535 | (1,540 | ) | |||||
| Net change in cash | 12,000 | (4,650 | ) | 1,500 | |||||
| Plus: Beginning cash balance | 0 | 12,000 | 7,350 | ||||||
| Ending cash balance | $ | 12,000 | $ | 7,350 | $ | 8,850 | |||
$
11 years ago
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