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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