Question : 235. From the information given, prepare a November income statement. On November : 1256343

 

235. From the information given, prepare a November income statement.

On November 1 of the current year, Lois Bell began Lois Bell, Interior Design as a corporation with an initial investment of $50,000 cash. On November 30 her records showed the following (alphabetically arranged) selected accounts and amounts:

 

Accounts payable

$12,000

Office furnishings

$40,000

Accounts receivable

23,000

Dividends

6,000

Cash

17,200

Rent expense

3,600

Fees earned

30,000

Salaries expense

6,200

Notes payable

4,250

Telephone expense

250

 

 

 

236. From the information given, prepare a November statement of retained earnings.

On November 1 of the current year, Lois Bell began Lois Bell, Interior Design as a corporation with an initial investment of $50,000 cash. On November 30 her records showed the following (alphabetically arranged) selected accounts and amounts:

 

Accounts Payable

$12,000

Office Furnishings

$40,000

Accounts Receivable

23,000

Dividends

6,000

Cash

17,200

Rent Expense

3,600

Fees Earned

30,000

Salaries Expense

6,200

Notes Payable

4,250

Telephone Expense

250

 

 

 

237. From the information given, prepare a November 30 balance sheet.

On November 1 of the current year, Lois Bell began Lois Bell, Interior Design as a corporation with an initial investment of $50,000 cash. On November 30 her records showed the following (alphabetically arranged) selected accounts and amounts:

 

Accounts Payable

$12,000

Office Furnishings

$40,000

Accounts Receivable

23,000

Dividends

6,000

Cash

17,200

Rent Expense

3,600

Fees Earned

30,000

Salaries Expense

6,200

Notes Payable

4,250

Telephone Expense

250

 

 

 

238. Presented below is selected financial information for Stanley’s Bike Shop. Using the appropriate information, prepare its balance sheet at December 31, 2014.

 

 

Total assets at December 31, 2014

$91,000

2014 expenses

38,000

Total equity at December 31, 2013

48,000

Total liabilities at December 31, 2014

35,000

2014 revenues

46,000

 

 

 

239. The following information is available for Skate and Boards Rental Company.

Assets at December 31, 2014

$152,000

2014 cash inflows from operating activities

105,000

2014 cash outflows from financing activities

(44,000)

2014 cash outflows from investing activities

(84,000)

2014 expenses

(43,000)

Retained earnings at December 31, 2013

50,000

Liabilities at December 31, 2014

28,000

Common stock at December 31, 2014

12,000

2014 revenues

135,000

2014 dividends

(30,000)

Using the above information prepare an income statement, statement of retained earnings and statement of cash flows for the Skate and Boards Rental for 2014. Also, prepare its balance sheet as of December 31, 2014. Assume that the 12/31/13 cash balance is $70,000.

 

 

 

 

 

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