essay questions 105 determine the missing amounts for each independent case below as 4314275

essay questions 105 determine the missing amounts for each independent case below as 4314275

Essay Questions

105.Determine the missing amounts for each independent case below. Assume the amounts shown are at the end of the company's first year of operation.

Company NameTotal RevenueTotal AssetsTotal ExpensesTotal LiabilitiesNet Income (Loss)              Stockholders' Equity

Randolph$600,000$450,000$350,000$130,000 

Newman$105,000  $80,000$10,000$75,000

Wiseman $190,000$70,000 ($30,000)$100,000

Martin$180,000$215,000$115,000$75,000 

VanTassel  $55,000$75,000$19,000$79,000

 

106.Gail's Greenhouse, Inc., a small retail store that sells houseplants, started business on January 1, 2016. At the end of January 2016, the following information was available:

Sales of plants for cash$75,000

Sales of plants for credit (not yet collected) 15,000

Cost of plants which were sold and paid for during January 45,000

Expenses during January incurred, and paid for, during January unless otherwise noted:

Salaries$5,000

Telephone    250

Office supplies (all used)    150

Electricity    300

Rent on the store for January, 2016 (will not be paid until February, 2016) 1,000

Required:

A. Using the above information, prepare the income statement for Gail's Greenhouse for the month ended January 31, 2016.
B. What is the amount of cash flows provided by operating activities to be presented on the statement of cash flows?  
 

107.Indicate on which financial statement you would expect to find each of the following. If an item can be found on more than one statement, list each statement.

Example: CashBalance Sheet

Notes payable___________

Wages expense___________

Cost of goods sold___________

Sales revenue___________

Inventory___________

Income tax expense___________

Dividends___________

Retained earnings___________

Accounts payable___________

Equipment___________

 
 

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