Ended November 30, 20Y3 Fees earned $352,600 Operating expenses: Wages expense $ (a) Rent expense 63,468 Supplies expense 53,948 Utilities expense 44,428 Miscellaneous expense 15,867 Total operating expenses (258,809) Net income $ (b) PARADISE REALTY Statement of Stockholders' Equity For the Month Ended November 30, 20Y3 Common Stock Retained Earnings Total Balances, Nov. 1, 20Y3 $0 $0 $0 Issuance of common stock 254,000 254,000 Net income (c) (c) Dividends (d) (d) Balances, Nov. 30, 20Y3 $254,000 $(e) $324,931 PARADISE REALTY Balance Sheet November 30, 20Y3 Assets Cash $ 192,350 Supplies 72,830 Land (f) Total assets $ (g) Liabilities Note payable $ 155,249 Stockholders' Equity Common stock $ (h) Retained earnings (i) Total stockholders' equity (j) Total liabilities and stockholders' equity $(k) PARADISE REALTY Statement of Cash Flows For the Month Ended November 30, 20Y3 Cash flows from (used for) operating activities: Cash received from customers $ (l) Cash paid for expenses and to creditors (176,390) Net cash flows from operating activities $ (m) Cash flows used for investing activities: Cash paid for acquisition of land (215,000) Cash flows from (used for) financing activities: Cash received from issuing common stock $ 254,000 Deduct dividends (22,860) Net cash flows from financing activities (n) Net increase in cash during month $(o) Cash as of November 1 0 Cash as of November 30 $(o) Instructions: 1. Would you classify a realty business such as Paradise Realty as a manufacturing, merchandising, or service business? 2. By analyzing the interrelationships among the financial statements, determine the proper amounts for (a) through (o). Enter all amounts as positive numbers. a. Wages expense $fill in the blank 2 b. Net income $fill in the blank 3 c. Net income for November $fill in the blank 4 d. Dividends $fill in the blank 5 e. Retained earnings, November 30, 20Y3 $fill in the blank 6 f. Land $fill in the blank 7 g. Total assets $fill in the blank 8 h. Common stock $fill in the blank 9 i. Retained earnings $fill in the blank 10 j. Total stockholders' equity $fill in the blank 11 k. Total liabilities and stockholders' equity $fill in the blank 12 l. Cash received from customers $fill in the blank 13 m. Net cash flows from operating activities $fill in the blank 14 n. Net cash flows from financing activities $fill in the blank 15 o. Net increase in cash and November 30, 20Y3, cash balance

Ended November 30, 20Y3 Fees earned $352,600 Operating expenses: Wages expense $ (a) Rent expense 63,468 Supplies expense 53,948 Utilities expense 44,428 Miscellaneous expense 15,867 Total operating expenses (258,809) Net income $ (b) PARADISE REALTY Statement of Stockholders' Equity For the Month Ended November 30, 20Y3 Common Stock Retained Earnings Total Balances, Nov. 1, 20Y3 $0 $0 $0 Issuance of common stock 254,000 254,000 Net income (c) (c) Dividends (d) (d) Balances, Nov. 30, 20Y3 $254,000 $(e) $324,931 PARADISE REALTY Balance Sheet November 30, 20Y3 Assets Cash $ 192,350 Supplies 72,830 Land (f) Total assets $ (g) Liabilities Note payable $ 155,249 Stockholders' Equity Common stock $ (h) Retained earnings (i) Total stockholders' equity (j) Total liabilities and stockholders' equity $(k) PARADISE REALTY Statement of Cash Flows For the Month Ended November 30, 20Y3 Cash flows from (used for) operating activities: Cash received from customers $ (l) Cash paid for expenses and to creditors (176,390) Net cash flows from operating activities $ (m) Cash flows used for investing activities: Cash paid for acquisition of land (215,000) Cash flows from (used for) financing activities: Cash received from issuing common stock $ 254,000 Deduct dividends (22,860) Net cash flows from financing activities (n) Net increase in cash during month $(o) Cash as of November 1 0 Cash as of November 30 $(o) Instructions: 1. Would you classify a realty business such as Paradise Realty as a manufacturing, merchandising, or service business? 2. By analyzing the interrelationships among the financial statements, determine the proper amounts for (a) through (o). Enter all amounts as positive numbers. a. Wages expense $fill in the blank 2 b. Net income $fill in the blank 3 c. Net income for November $fill in the blank 4 d. Dividends $fill in the blank 5 e. Retained earnings, November 30, 20Y3 $fill in the blank 6 f. Land $fill in the blank 7 g. Total assets $fill in the blank 8 h. Common stock $fill in the blank 9 i. Retained earnings $fill in the blank 10 j. Total stockholders' equity $fill in the blank 11 k. Total liabilities and stockholders' equity $fill in the blank 12 l. Cash received from customers $fill in the blank 13 m. Net cash flows from operating activities $fill in the blank 14 n. Net cash flows from financing activities $fill in the blank 15 o. Net increase in cash and November 30, 20Y3, cash balance

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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Question

Ended November 30, 20Y3
Fees earned		$352,600
Operating expenses:
Wages expense	$ (a)
Rent expense	63,468
Supplies expense	53,948
Utilities expense	44,428
Miscellaneous expense	15,867
Total operating expenses		(258,809)
Net income		$ (b)

PARADISE REALTY Statement of Stockholders' Equity For the Month Ended November 30, 20Y3
	Common Stock	Retained Earnings	Total
Balances, Nov. 1, 20Y3		$0		$0	$0
Issuance of common stock		254,000			254,000
Net income				(c)	(c)
Dividends				(d)	(d)
Balances, Nov. 30, 20Y3		$254,000		$(e)	$324,931

PARADISE REALTY Balance Sheet November 30, 20Y3
Assets
Cash		$ 192,350
Supplies		72,830
Land		(f)
Total assets		$ (g)
Liabilities
Note payable		$ 155,249
Stockholders' Equity
Common stock	$ (h)
Retained earnings	(i)
Total stockholders' equity		(j)
Total liabilities and stockholders' equity		$(k)

PARADISE REALTY Statement of Cash Flows For the Month Ended November 30, 20Y3
Cash flows from (used for) operating activities:
Cash received from customers	$ (l)
Cash paid for expenses and to creditors	(176,390)
Net cash flows from operating activities		$ (m)
Cash flows used for investing activities:
Cash paid for acquisition of land		(215,000)
Cash flows from (used for) financing activities:
Cash received from issuing common stock	$ 254,000
Deduct dividends	(22,860)
Net cash flows from financing activities		(n)
Net increase in cash during month		$(o)
Cash as of November 1		0
Cash as of November 30		$(o)

Instructions:

1. Would you classify a realty business such as Paradise Realty as a manufacturing, merchandising, or service business?

2. By analyzing the interrelationships among the financial statements, determine the proper amounts for (a) through (o). Enter all amounts as positive numbers.

a. Wages expense	$fill in the blank 2
b. Net income	$fill in the blank 3
c. Net income for November	$fill in the blank 4
d. Dividends	$fill in the blank 5
e. Retained earnings, November 30, 20Y3	$fill in the blank 6
f. Land	$fill in the blank 7
g. Total assets	$fill in the blank 8
h. Common stock	$fill in the blank 9
i. Retained earnings	$fill in the blank 10
j. Total stockholders' equity	$fill in the blank 11
k. Total liabilities and stockholders' equity	$fill in the blank 12
l. Cash received from customers	$fill in the blank 13
m. Net cash flows from operating activities	$fill in the blank 14
n. Net cash flows from financing activities	$fill in the blank 15
o. Net increase in cash and November 30, 20Y3, cash balance

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