Homework Answers
Solution:
a. Wages expense = Total expense - Rent exp. - supplies exp. - utilities exp. - misc. exp.
= $288,000 - 48,000 - 17,600 - 14,400 - 4,800
= $203,200
b. & d. Net income = Fees earned - Total exp.
= $400,000 - 288,000 = $112,000
c. Issued common stock = $160,000 (From cash flow statement)
e. Dividends = -$64,000
f. Balance of RE = NI - dividends = $112,000 - 64,000
= $48,000
g. Balance may 31, of total stockholders' equity = $112,000 + $160,000 - 64,000
= $208,000
H. Land = $120,000 (from cash flow statement)
I. Total assets = 123,200 + 12,800 + 120,000 = $256,000
j. Common stock = $160,000
k. Retained earnings = $48,000
l. Total stockholders' equity = $208,000
m. Total liabilities & stockholders' equity = $48,000 + $208,000 = $256,000
n. Cash received from customers = $400,000 (Fees income)
o. Net cash flows from operating activities = 400,000 - 252,800 = $147,200
p. Net cash flows from financing activities = $160,000 - 64,000 = $96,000
q. Net increase (decrease) in cash = $147,200 - 120,000 + 96,000 = $123,200
r. Cash balance, May 31, 20Y6 = $123,200
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