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More Info a. Maren started the business by depositing $11,000 in a business checking account on April 1 in exchange for commoThe following transactions apply to Marens Maid Service during April 2012: (Click to view the transactions.) Requirements 1.+ + + + + + + + + + + + | e.Requirement 2. What are the total assets of the company at the end of April 30, 2012? The total assets at the end of April 30Cash from operating activities: Cash from investing activities:Cash from financing activities: Net increase in cash Requirement 4. What was net income for the month ended April 30, 2012? N

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Answer #1

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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