Determine the missing amounts for each independent case below. Assume the amounts given are at the...

Question

Determine the missing amounts for each independent case below. Assume the amounts given are at the end of the company's first year of operation.
Company total total total total Netincome Stockholder’s
Name Revenue Assets Expensses Liabilites ( Loss ) Equity
Randolph $600,000 $450,000 $350,000 $130.000
Newman $105,000 $80,000 $10,000 $75,000
Wiseman $190,000 $70,000 $30,000 $100,000
Martin $180,000 $ 215,000 $115,000 $75,000
van tassel $55,000 $75,000 $19,000 $79,000
Solution :
2- Gail's Greenhouse, Inc., a small retail store which sells house plants, started business on January 1, 2010. At the end of January, 2010, the following information was available:
Requirements:
A. Using the above information, prepare the income statement for Gail's Greenhouse for the month ended January 31, 2010.
B. What is the amount of cash flows provided by operating activities to be presented on the statement of cash flows?

Solution:

David · Accepted Answer

1-Determine the missing amounts for each independent case below. Assume the amounts given 
are at the end of the company's first year of operation. 
Company      total          total               total                total            Netincome   Stockholder’s
Name            Revenue   Assets           Expensses     Liabilites     ( Loss )           Equity
Randolph      $600,000   $450,000     $350,000        $130.000
Newman       $105,000                                              $80,000      $10,000         $75,000
Wiseman                      $190,000         $70,000                           $30,000      $100,000
Martin          $180,000 $ 215,000        $115,000        $75,000
van tassel                                              $55,000          $75,000    $19,000        $79,000
Solution : 
Randolph:    Net income                              = Revenue - expenses  
                                                                     = $250,000
                     Stockholder’s equity               = Assets – Liabilities - Income 
                                                                     = $70,000
Newman:

Determine the missing amounts for each independent case below. Assume the amounts given are at the end of the company's first year of operation. Company total total total total Netincome Stockholder’s...

Solution

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment