Question

Can someone complete the statement of cash flows for question E1-37? I got a year end balance of 48,400.

1. Prepare the balances repare the balance sheet for Wilson Towing Service as of June 30, 2018. 2. What does the balance sheet report? Use the following inform me following information to answer Exercises E1-34 through E1-36. assets, liabilities, and equities of Damon Design Studio have the following bal- ces at December 31, 2018. The owner, Eric Damon, began the year with a $39,000 capital balance, contributed $13,000, and withdrew $57,000 during the year. Notes Payable Rent Expense Cash Office Supplies Salaries Expense Property Tax Expense $ 14,000 Office Furniture 23,000 Utilities Expense 3,200 Accounts Payable 5,100 Service Revenue 65,000 Accounts Receivable 2,200 Miscellaneous Expense $ 48,400 7,200 3,600 154,600 9,300 3,800 Lea E1-34 Preparing the income statement Prepare the income statement for Damon Design Studio for the year ending December 31, 2018. E1-35 Preparing the statement of owner's equity Prepare the statement of owner's equity for Damon Design Studio for the year ending December 31, 2018. E1-36 Preparing the balance sheet Prepare the balance sheet for Damon Design Studio as of December 31, 2018. E1-37 Preparing the statement of cash flows For each transaction, identify the appropriate section on the statement of cash flows to report the transaction. Choose from: Cash flows from operating activities (O), Cash flows from investing activities (1), Cash flows from financing activities (F), or is not reported on

Answer 1

Damon Design Studio Income statement for the year ended December 31,2018
		Particulars	Amount ($)
Service revenue	154,600
Total revenue	154,600
Utilities expenses	7,200
Rent expenses	23,000
Salary expenses	65,000
Property tax expenses	2,200
Miscellaneous expenses	3,800
Less:total expenses	101,200
Net income	53,400

Damon Design Studio Income statement for the year ended December 31,2018
		Particulars	Amount ($)
Capital	39,000
Add:net income	53,400
Add:additional contribution	13,000
	105,400
Less:withdrawals	-57,000
Damon Design Studio, Capital, December 31,2018	48,400

Damon Design Studio Balance Sheet for the year ended December 31,2018
				Liabilities and Stockholders equity	Amount ($)	Asset	Amount ($)
Accounts payable	3,600	Cash	3,200
Notes payable	14,000	Accounts receivable	9,300
Total liabilities	17,600	Office supplies	5,100
Stockholders equity		Office furniture	48,400
Capital	39,000
Additional contribution	13,000
withdrawals	-57,000
Net income	53,400
Total liabilities and stockholders equity	66,000	Total assets	66,000