Fill in the blanks (indicated by the alphabetic letters in parentheses) in the f

Question

Fill in the blanks (indicated by the alphabetic letters in parentheses) in the following financial statements. Assume the company started operations January 1, 2008, and all transactions involve cash. (Amounts in parentheses do not require a minus sign in front of them. Omit the "$" sign in your response.)

$  

$150   

$400   

8,500   

9,850   

()

(100)

(170)

$   

$9,950   

$  

$11,650

$12,362

$11,430

$  

$  

$890

100

330

$11,650

$12,362

$11,430

190   

150     

400   

0   

(5,500)    

2,750   

11,460   

562     

(1,332)

$11,650   

$6,862     

$8,680   

Fill in the blanks (indicated by the alphabetic letters in parentheses) in the following financial statements. Assume the company started operations January 1, 2008, and all transactions involve cash. (Amounts in parentheses do not require a minus sign in front of them. Omit the "$" sign in your response.)

Explanation / Answer

Income Statements For the Years 2008 2009 2010   Revenue $450    $570    $850      Expense (260) (420) (450)   Net income 190 $150    $400    Statement of Changes in Stockholders' Equity For the Years 2008 2009 2010   Beginning common stock $0    8500 $9,850      Plus: Common stock issued 8500 1,350    360   Ending common stock 8,500    9,850    10210   Beginning retained earnings 0    50    100      Plus: Net income 190 150    400      Less: Dividends (140 (100) (170)   Ending retained earnings 50    100 330      Total stockholders' equity 8550 $9,950    10540 Balance Sheets For the Years 2008 2009 2010   Assets        Cash $11,650    $6,862      $8,680        Land 0 5500 2,750   Total assets $11,650 $12,362 $11,430   Liabilities 3100 2412 $890   Stockholders equity        Common stock       10,210        Retained earnings    100 330   Total stockholders' equity 8,550 9,950 10,540   Total liabilities and stockholders' equity $11,650 $12,362 $11,430 Statements of Cash Flows For the Years 2008 2009 2010   Cash flows from operating activities:        Cash receipts from revenue 450 $570      850        Cash payments for expenses (260) (420)     (450)   Net cash flows from operating activities 190    150      400      Cash flows from investing activities:        Cash payments for land 0    (5,500)     0           Cash receipt from sale of land 0    0      2,750      Net cash flows from investing activities 0    (5,500)     2,750      Cash flows from financing activities:        Cash receipts from borrowed funds 3,100    0      0           Cash payments to reduce debt 0    (550)     (1522)        Cash receipts from stock issue 8,500    1,350      360        Cash payments for dividends (140) (100)     -170   Net cash flows from financing activities 11,460    562      (1,332)   Net change in cash 11,650    (4,788)     1,818      Beginning cash balance 0    11,650      6,862      Ending cash balance $11,650    $6,862      $8,680

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