Missing information in financial statements
Required
Fill in the blanks (as indicated by the alphabetic letters in parentheses) in the following Financial statements. Assume the Company started operations January 1, 2011, and that all transactions involve cash.
| For the Years | ||
| 2011 | 2012 | 2013 |
Revenue | $ 700 | $ 1,300 | $ 2,000 |
Expense | (a) | (700) | (1,300) |
Net income | $ 200 | $ (m) | $ 700 |
Beginning common stock | $ 0 | $ (n) | $ 6,000 |
Plus: Common stock issued | 5,000 | 1,000 | 2,000 |
Ending common stock | 5,000 | 6,000 | (t) |
Beginning retained earnings | 0 | 100 | 200 |
Plus: Net income | (b) | (o) | 700 |
Less: Dividends | (c) | (500) | (300) |
Ending retained earnings | 100 | (P) | 600 |
Total stockholders’ equity | $ (d) | $ 6,200 | $ 8,600 |
Balance Sheets | |||
Assets |
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Cash | $ (e) | $ (q) | $ (u) |
Land | 0 | (r) | 8,000 |
Total assets | $ (f) | $11,200 | $10,600 |
Liabilities | $ (g) | $ 5,000 | $ 2,000 |
Stockholders’ equity |
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Common stock | (h) | (s) | 8,000 |
Retained earnings | (i) | 200 | 600 |
Total stockholders’ equity | (i) | 6,200 | 8,600 |
Total liabilities and stockholders’ equity | $8,100 | $11,200 | $10,600 |
Statement of Cash Flows | |||
Cash flows from operating activities |
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Cash receipts from customers | $ (k) | $ 1,300 | $ (v) |
Cash payments for expenses | (I) | (700) | (w) |
Net cash flows from operating activities | 200 | 600 | 700 |
Cash flows from investing activities |
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Cash payments for land | 0 | (8,000) | 0 |
Cash flows from financing activities |
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Cash receipts from loan | 3,000 | 3,000 | 0 |
Cash payments to reduce debt | 0 | (1,000) | (x). |
Cash receipts from stock issue | 5,000 | 1,000 | (y) |
Cash payments for dividends | (100) | (500) | (z) |
Net cash flows from financing activities | 7,900 | 2,500 | (1,300) |
Net change in cash | 8,100 | (4,900) | (600) |
Plus: Beginning cash balance | 0 | 8,100 | 3,200 |
Ending cash balance | $8,100 | $ 3,200 | $ 2,600 |
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