Identifying and arranging dements on financial statements
The following accounts and balances were drawn from the records of Warren Company at December 31, 2011:
Cash | $11,400 | Accounts receivable | $19,000 |
Land | 37,000 | Cash flow from operating act. | 7,500 |
Insurance expense | 1,100 | Beginning retained earnings | 7,500 |
Dividends | 5,000 | Beginning common stock | 1,000 |
Prepaid insurance | 2,500 | Service revenue | 80,000 |
Accounts payable | 29,000 | Cash flow from financing act. | 5,500 |
Supplies | 750 | Ending common stock | 5,000 |
Supplies expense | 250 | Cash flow from investing act. | (7,000) |
Rent expense | 2,500 | Other operating expenses | 42,000 |
Required
Use the accounts and balances from Warren Company to construct an income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows (show only totals for each activity on the statement of cash flows).
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