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Business
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as of December 31 12/31/2018 12/31/2017 2018 Assets: Service Revenue 436,500 Cash 41,600 28,200 125,900 168,000 3,600 Accounts Recv. 110,700 Total Revenue 436,500 Inventory 168,000 Prepaid Rent 2,500 Depreciation Expense 8,700 Land 174,000 60,000 Wages Expense Salaries Expense 289,800 Building 258,000 210,600 52,800 Accum. Depr-Bldg -58,300 -49,600 Loss on Sale of Land 6,000 Total Assets 712,800 530,400 Total Other Expenses 357,300 Liabilities: Net Income 79,200 Accounts Payable 111,000 114,200 Other Information: Salaries Payable 28,000 15,800 1. Old land with a book value of 60,000 was sold for 54,000. Wages Payable 15,000 12,000 2. Purchased new land for 174,000 Total Liabilities 154,000 142,000 3. Issued common stock for 151,200. 4. Dividends of 60,000 were paid in 2018 Stockholders' Equity: Common Stock 67,200 60,000 Excess of Par-CS 264,000 120,000 Retained Earnings 227,600 208,400 Total Equity 558,800 388,400 Total Liablities and Equity 712,800 530,400 Write out ONLY the Operating Activities Section of the Statement of Cash Flows for Mushroom's Shop, showing good format. Label EVERY number.

as of December 31 12/31/2018 12/31/2017 2018 Assets: Service Revenue 436,500 Cash 41,600 28,200 125,900 168,000 3,600 Accounts Recv. 110,700 Total Revenue 436,500 Inventory 168,000 Prepaid Rent 2,500 Depreciation Expense 8,700 Land 174,000 60,000 Wages Expense Salaries Expense 289,800 Building 258,000 210,600 52,800 Accum. Depr-Bldg -58,300 -49,600 Loss on Sale of Land 6,000 Total Assets 712,800 530,400 Total Other Expenses 357,300 Liabilities: Net Income 79,200 Accounts Payable 111,000 114,200 Other Information: Salaries Payable 28,000 15,800 1. Old land with a book value of 60,000 was sold for 54,000. Wages Payable 15,000 12,000 2. Purchased new land for 174,000 Total Liabilities 154,000 142,000 3. Issued common stock for 151,200. 4. Dividends of 60,000 were paid in 2018 Stockholders' Equity: Common Stock 67,200 60,000 Excess of Par-CS 264,000 120,000 Retained Earnings 227,600 208,400 Total Equity 558,800 388,400 Total Liablities and Equity 712,800 530,400 Write out ONLY the Operating Activities Section of the Statement of Cash Flows for Mushroom's Shop, showing good format. Label EVERY number.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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eet Income Statement as of December 31 12/31/2018 12/31/2017 2018 Assets: Service Revenue 436,500 Cash 41,600 28,200 Accounts Recv. 125,900 110,700 Total Revenue 436,500 168,000 3,600 Inventory 168,000 2,500 60,000 210,600 -49,600 Prepaid Rent Depreciation Expense 8,700 174,000 258,000 -58,300 Land Wages Expense Salaries Expense 289,800 52,800 6,000 Building Accum. Depr-Bldg Loss on Sale of Land Total Assets 712,800 530,400 Total Other Expenses 357,300 Liabilities: Net Income 79,200 111,000 28,000 Accounts Payable 114,200 Other Information: Salaries Payable 1. Old land with a book value of 60,000 was sold for 54,000. 2. Purchased new land for 174,000 15,800 Wages Payable 15,000 154,000 12,000 Total Liabilities 142,000 3. Issued common stock for 151,200. 4. Dividends of 60,000 were paid in 2018 Stockholders' Equity: Common Stock 67,200 60,000 Excess of Par-CS 264,000 120,000 Retained Earnings 227,600 208,400 Total Equity 558,800 388,400 Total Liablities and Equity 712,800 530,400 Write out ONLY the Operating Activities Section of the Statement of Cash Flows for Mushroom's Shop, showing good format. Label EVERY number.
Transcribed Image Text:eet Income Statement as of December 31 12/31/2018 12/31/2017 2018 Assets: Service Revenue 436,500 Cash 41,600 28,200 Accounts Recv. 125,900 110,700 Total Revenue 436,500 168,000 3,600 Inventory 168,000 2,500 60,000 210,600 -49,600 Prepaid Rent Depreciation Expense 8,700 174,000 258,000 -58,300 Land Wages Expense Salaries Expense 289,800 52,800 6,000 Building Accum. Depr-Bldg Loss on Sale of Land Total Assets 712,800 530,400 Total Other Expenses 357,300 Liabilities: Net Income 79,200 111,000 28,000 Accounts Payable 114,200 Other Information: Salaries Payable 1. Old land with a book value of 60,000 was sold for 54,000. 2. Purchased new land for 174,000 15,800 Wages Payable 15,000 154,000 12,000 Total Liabilities 142,000 3. Issued common stock for 151,200. 4. Dividends of 60,000 were paid in 2018 Stockholders' Equity: Common Stock 67,200 60,000 Excess of Par-CS 264,000 120,000 Retained Earnings 227,600 208,400 Total Equity 558,800 388,400 Total Liablities and Equity 712,800 530,400 Write out ONLY the Operating Activities Section of the Statement of Cash Flows for Mushroom's Shop, showing good format. Label EVERY number.
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