Act Inc. began operations on June 1, 2017. The financial statements for the company are shown...
Act Inc. began operations on June 1, 2017. The financial statements for the company are shown below for the month ended June 30, 2017 (the first month of operations). Determine the missing amounts for letters (a) through (o). Hint: Start at the bottom and work your way up.
|
Act Inc Income Statement For the Month Ended June 30, 2017 |
||
|
Fees earned |
$37,000 |
|
|
Operating expenses: |
||
|
Wages expense |
$15,250 |
|
|
Rent expense |
(a) |
|
|
Supplies expense |
4,600 |
|
|
Utilities expense |
400 |
|
|
Miscellaneous expense |
1,250 |
|
|
Total operating expenses |
(b) |
|
|
Net income |
$ (c) |
|
|
Act Inc Retained Earnings Statement For the Month Ended June 30, 2017 |
||
|
Retained Earnings, June 1, 2017 |
0 |
|
|
Net income |
$ (d) |
|
|
Less dividends |
4,000 |
|
|
Increase in retained earnings |
(e) |
|
|
Retained Earnings, June 30, 2017 |
$ (f) |
|
|
Act Inc Balance Sheet June 30, 2017 |
||||
|
Assets |
Liabilities |
|||
|
Cash |
$ (g) |
Accounts payable |
$ (i) |
|
|
Supplies |
8,100 |
Stockholders’ Equity |
||
|
Land |
(h) |
Capital stock $ (j) |
||
|
Total assets |
$55,900 |
Retained earnings (k) |
||
|
Total stockholders’ equity |
38,100 |
|||
|
Total liabilities and stockholders’ equity |
$ (l) |
|||
|
Act Inc Statement of Cash Flows For the Month Ended June 30, 2017 |
||
|
Cash flows from operating activities: |
||
|
Cash received from customers |
$33,000 |
|
|
Deduct cash payments for expenses and payments to creditors |
14,200 |
|
|
Net cash flow from operating activities |
$ (m) |
|
|
Cash flows from investing activities: |
||
|
Cash payments for acquisition of land |
(17,000) |
|
|
Cash flows from financing activities: |
||
|
Cash received from sale of capital stock |
$ (n) |
|
|
Deduct cash dividends |
(o) |
|
|
Net cash flow from financing activities |
(p) |
|
|
Net cash flow and June 30, 2017, cash balance |
$ (q) |
|
Place your answers in the space provided below.
Homework Answers
| Income statement | |||
| Fees earned | 37000 | ||
| Operating expense | |||
| Wages expense | 15250 | ||
| Rent expense | 6400 | ||
| Supplies expense | 4600 | ||
| Utilities expense | 400 | ||
| Misc. expense | 1250 | ||
| Total operating expense | 27900 | ||
| Net income | 9100 | ||
| Retained earnings statement | |||
| Retained earnings 1 june 2017 | 0 | ||
| Net income | 9100 | ||
| Less dividend | -4000 | ||
| Increase in retained earnings | 5100 | ||
| Retained earnings 30 june 2017 | 5100 | ||
| Balance sheet | |||
| Assets | |||
| Cash | 30800 | ||
| Supplies | 8100 | ||
| Land | 17000 | ||
| Total assets | 55900 | ||
| Liabilities | |||
| Accounts payable | 17800 | ||
| Stockholders equity | |||
| Capital stock | 33000 | ||
| Retained earnings | 5100 | ||
| Total stockholders equity | 38100 | ||
| Total liabilities and stockholders equity | 55900 | ||
| Statement of cash flow | |||
| Cash flow from operating activities | |||
| Cash received from customer | 33000 | ||
| Deduct cash payment for expense and payment to creditors | -14200 | ||
| Net cash flow from operating activities | 18800 | ||
| Cash flow from investing activities | |||
| Cash payment for acquisition of land | -17000 | ||
| Cash flow from financing activities | |||
| Cash received from sales of capital stock | 33000 | ||
| Deduct cash dividend paid | -4000 | ||
| Net cash flow from financing activities | 29000 | ||
| Net cash flow and june 30 2017 cash balance | 30800 | ||
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$
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