is of transactions t established Up-Date Computer Services on August 1, 20Y4. Th

Question

is of transactions t established Up-Date Computer Services on August 1, 20Y4. The effect of each transaction and the balances after each transaction for August are shown below in the integrated financial statement framework Balance Sheet t of Cash Flows Assets Stockholders' Equity Cash Land Notes PayableCommon StockRetained Earnings common stock 25,000 27,000 52,000 27,000 27,000 (2,500) 24,500 25,000 49,500 10,000 59,500 (40,000)40,000 19,50040,000 (1,900) 17,60040,000 25,000 notes payable 10,000 10,000 25,000 24,500 ased land 10,000 25,000 24,500 xpenses (1,900) 10,000 25,000 salary expense (4,600) (4,600) 13,000 40,000 10,000 25,000 dividends eces, Aug 3 Statement of Cash Flows (3,000) 0,000 40,000 10,000 15,000 Income Statement

Explanation / Answer

Transaction Liquid Cash Profitability Net Income - Cahs Basis a. Issued Stock $25,000.00 No effect b. Earned Fees $27,000.00 increase $27,000.00 c. paid Rent -$2,500.00 Decrease $2,500.00 d. issues Note Apyable $10,000.00 No effect e. Purchase land -$40,000.00 No effect f. paid Misc. Expense -$1,900.00 Decrease $700.00 g. Paid Salaries -$4,600.00 Decrease $4,600.00 h. Paid Dividend -$3,000.00 No effect

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