Homework Answers
1.
| Stockholders' Equity | ||||||||
| Assets | Liabilities | Contributed Capital | Retained Earnings | |||||
| $ | Account | $ | Account | $ | Account | $ | Account | |
| a. | 11000 | Cash | 11000 | Common stock | ||||
| b. | 4900 | Cash | 4900 | Service revenue | ||||
| c. | 1900 | Cash | 1900 | Notes payable | ||||
| d. | -900 | Cash | -900 | Operating expenses | ||||
| e. | 3400 | Equipment | ||||||
| -3400 | Cash | |||||||
| f. | -1500 | Cash | -1500 | Dividends | ||||
2. The total assets at the end of April 30, 2012 are $15,400
3.
| Maren's Maid Service | ||
| Statement of Cash Flows | ||
| For the Month Ended April 30, 2012 | ||
| Cash from operating activities: | ||
| Cash received from customers | 4900 | |
| Cash paid for operating expenses | -900 | |
| 4000 | ||
| Cash from investing activities: | ||
| Purchase of equipment | -3400 | |
| -3400 | ||
| Cash from financing activities: | ||
| Issuance of common stock | 11000 | |
| Issuance of notes payable | 1900 | |
| Payment of dividends | -1500 | 11400 |
| Net increase in cash | 12000 | |
4. Net income for April 30, 2012 was $4000
Net income = Service revenue - Operating expenses = $4900 - $900 = $4000
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