THE FIRST THREE PICTURES ARE SETTING UP THE PROBLEM AND THE BLANKS I NEED DESPER
ID: 2342650 • Letter: T
Question
THE FIRST THREE PICTURES ARE SETTING UP THE PROBLEM AND THE BLANKS I NEED DESPERATE HELP ON! PLEASE LET ME KNOW HOW YOU GOT NUMBERS IF POSSIBLE ! THANKS
PARADISE REALTY Income Statement For the Month Ended November 30, 20Y3 Fees earned $344,400 Operating expenses Wages expense Rent expense Supplies expense Utilities expense Miscellaneous expense s (a) 65,436 55,621 45,805 16,359 Total operating expenses (258,989) Net income $ (b) PARADISE REALTY Statement of Stockholders' Equity For the Month Ended November 30, 20Y3 Common Stock Retained Earnings Total Balances, Nov. 1, 20Y3 Issuance of common stock Net income Dividends Balances, Nov. 30, 20Y3 $0 $0 $0 254,000 254,000 $254,000 $(e) $315,281Explanation / Answer
1) Wage expense total operating expense- rent expense-supplie expense -utilities expense- miscellaneous expense 258,989-65,436-55,621-45,805-16,359 75768 b) net income fees earned -total operating expense 344,400-258,989 85411 c) Net income for November 85,411 d) Dividends 24,130 e) Retained earnings ,Nov 30,2013 $61,281 answer net income 85411 less dividends -24,130 closing retained earnings 61281 f) land 222,500 (from cash flow statement) g) total assets 482,138 cash 184,550 supplies 75,088 land 222,500 total assets 482,138 h) common stock 254,000 i) Retained earnings 61,281 j) total stockholders equity 315281 (254,000+61,281) k) total liabilities & stockholders Equity 482,138 liabilities 166,857 Stockholders Equity 315,281 total 482,138 l) cash received from customers 344,400 (fees earned -increase in Account receivable) m) net cash flow from operating activities 177180 (fees earned - cash payments for expenses) (344,400 - 167220) n) net cash flow from financing activities 229870 cash received from issuing common stock-dividends 254,000-24130 o) net cash flow and nov 30, cash balance 184550 cash from operating activities-cash used investing+cash from financing 177,180-222500+229870
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