1. Acquired $30,000 cash from the issue of common stock 2.Borrowed $40,000 cash
ID: 2337786 • Letter: 1
Question
1. Acquired $30,000 cash from the issue of common stock 2.Borrowed $40,000 cash from national Bank 3. Earned cash revenues of $48,000 for performing services 4.Paid cash expenses of $25,000 5.Paid a $1000 cash dividend to the stockholders 6.Acquired an additional $20,000 cash from the issue of common stock 7. Paid $10,000 cash to reduce the principal balance of the bank note 8.Paid $53,000 cash to purchase land 9. Determined that the market value of the land is $75,000 s (FA), net change in cash (NC) and NA to indicate the element is not as an example. (Enter any decreases to account balances and cash outflows with a minus sign.) d by the event. The first event is shown Flows 30,000+ 30,000+ 30,000 FAExplanation / Answer
Event Cash Land Notes payable Common Stock Retained earnings Revenue Expenses Net income Statement of cash flows 1 30000 30000 30000 FA 2 40000 40000 40000 FA 3 48000 48000 48000 48000 48000 OA 4 -25000 -25000 25000 -25000 -25000 OA 5 -1000 -1000 -1000 FA 6 20000 20000 20000 FA 7 -10000 -10000 -10000 FA 8 -53000 53000 -53000 IA 9 0 0 0 0 0 0 0 0 0 NA Total 49000 53000 30000 50000 22000 48000 25000 23000 49000 NC
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