Statement of Cash Flows
On the basis of the information for Prestwick Company in Exercise 2.13, prepare a statement of cash flows in a form consistent with generally accepted accounting principles. You may assume all transactions were in cash and that the beginning cash balance was $7,200.
EXERCISE 2.13
Income Statement
An inexperienced accountant for Prestwick Company prepared the following income statement for the month of August 2015:
PRESTWICK COMPANY AUGUST 31, 2015 | ||
Revenues: | ||
Services provided to customers | $17,000 |
|
Investment by stockholders | 5,000 |
|
Loan from bank | 15,000 | $37,000 |
Expenses: | ||
Payments to long-term creditors | $11,700 |
|
Expenses required to provide services to customers | 7,800 |
|
Purchase of land | 16,000 | 35,500 |
Net income |
| $ 1,500 |
Prepare a revised income statement in accordance with generally accepted accounting principles.
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