189. Simpson Designers began operations on April 1, 2011. The financial statements for Simpson Designers are shown below for the month ended April 30, 2011 (the first month of operations). Determine the missing amounts for letters (a) through (o).
Simpson DesignersIncome StatementFor the Month Ended April 30, 2011
Fees earned
$27,000
Operating expenses:
Wages expense
$5,250
Rent expense
(a)
Supplies expense
4,600
Utilities expense
400
Miscellaneous expense
1,250
Total operating expenses
(b)
Net income
$ (c)
Simpson DesignersRetained Earnings Statement For the Month Ended April 30, 2011
Retained Earnings, April 1, 2011
0
Net income for April
$ (d)
Less dividends
6,000
Increase in retained earnings
(e)
Retained Earnings, April 30, 2011
$ (f)
Simpson DesignersBalance SheetApril 30, 2011
Assets
Liabilities
Cash
$ (g)
Accounts payable
$ (i)
Supplies
8,100
Stockholders’ Equity
Land
(h)
Capital stock $ (j)
Total assets
$55,900
Retained earnings (k)
Total stockholders’ equity
38,100
Total liabilities and stockholders’ equity
$ (l)
Simpson DesignersStatement of Cash FlowsFor the Month Ended April 30, 2011
Cash flows from operating activities:
Cash received from customers
$23,000
Deduct cash payments for expenses and payments to creditors
4,200
Net cash flow from operating activities
$ 18,800
Cash flows from investing activities:
Cash payments for acquisition of land
(17,000)
Cash flows from financing activities:
Cash received from sale of capital stock
$ (m)
Deduct cash dividends
(n)
Net cash flow from financing activities
(o)
Net cash flow and April 30, 2011, cash balance
$ (p)
Place your answers in the space provided below. Hint: Use the interrelationships among the financial statements to solve this problem.
(a)
___________
(b)
___________
(c)
___________
(d)
___________
(e)
___________
(f)
___________
(g)
___________
(h)
___________
(i)
___________
(j)
___________
(k)
___________
(l)
___________
(m)
___________
(n)
___________
(o)
___________
(p)
___________
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more