Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The financial statements at the end of Ruby River Realty's first month of operations are shown below.
Ruby River Realty
Income Statement
For the Month Ended June 30, 2004
Fees earned . .
$23,500
Operating expenses:
Wages expense .
$ (a)
Rent expense . .
4,400
Utilities expense
1,350
Miscellaneous expense .
825
Total operating expenses .
11,950
Net income . .
$ (b)
Retained Earnings Statement
Net income for June . .
$ (c)
Less dividends
(d)
Retained earnings, June 30, 2004 .
$ (e)
Balance Sheet
June 30, 2004
Assets
Cash .
$14,750
Prepaid expenses .
1,000
Land .
(f )
Total assets . .
$ (g)
Liabilities
Accounts payable .
$ 1,200
Stockholders' Equity
Capital stock .
$ (h)
Retained earnings .
(i)
(j)
Total liabilities and stockholders' equity . .
$ (k)
Ruby River Realty Statement of Cash Flows
Cash flows from operating activities:
Cash received from customers
$ (l)
Deduct cash payments for expenses and payments to creditors
11,750
Net cash flow from operating activities
$ (m)
Cash flows from investing activities:
Cash payments for acquisition of land
$ 36,000)
Cash flows from financing activities:
Cash received from issuing capital stock
$45,000
Deduct dividends
6000
Net cash flow from financing activities
(n)
Net cash flow and June 30, 2004 cash balance
$(0)
Instructions
1. Would you classify a realty business like Ruby River as a manufacturing, merchandising, or service business?
2. By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (o).
question general company informationmargaret brown and joel lee each own 50 percent of designs inc. with no other class
In addition, the income statement showed a gain of $12,500 from the sale of land. Reconcile a net income of $125,000 to net cash flow from operating activities.
How much advertising expense could be allocated to each department and Make the required journal entries to record the above transactions and events.
How much would Human Genome Sciences's property, plant, and equipment and its total net assets increase by on December 31, 1998 if these leases were capitalized?
Prepare journal entries in good form to record the foregoing transactions for the year ended June 30, 2011 and prepare a statement of net assets for the year ended June 30, 2011.
Create a table that computes the total cost and marginal cost for every quantity between 1 and 10 units and what is the relation between marginal cost and average cost
the baltic company is consider the purchase of a new machine tool to replace an obsolete one. the machine being used
1) Show how the lessor determines the lease payment; 2) Prepare the appropriate entries for both the lessee and the lessor from the inception of the lease through the return of the equipment back to the lessor.
Determine participation in the years net income of $420,000 under each of the following independent assumptions:
What federal or state laws protect owners of intellectual property How do they apply here and what damages, if any, has Mathis suffered because of Normandale s conduct? Explain.
What amount of interest expense is reported for 2009 and would the bond interest expense reported in 2009 would be reported if the straight-line method of amortization were
Determine the quick ratio for the end of the year and the discount rate used by the bank in computing the proceeds
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd