first year operations during 2012 1. issued common stock of $2000 2. purchased $600 Of supplies on account 3. earned 6,000 of revenue on account 4. collected 5.5K from AR 5. paid 1.2k for contact beginning feb 1, 2012 6. paid $100 cash dividend 7. supplies on hand dec 31, 2012 = $100 8. made adjusting entry necessary to recognize rent expense - net income reported dec. 31, 2012 would be on the income statement? - total assets dec 31, 2012 balance sheet? - retained earnings dec 31, 2012 bs? - net cash flow from operating on statement of cash flow?
first year operations during 2012 1. issued common stock of $2000 2. purchased $600 Of supplies on account 3. earned 6,000 of revenue on account 4. collected 5.5K from AR 5. paid 1.2k for contact beginning feb 1, 2012 6. paid $100 cash dividend 7. supplies on hand dec 31, 2012 = $100 8. made adjusting entry necessary to recognize rent expense - net income reported dec. 31, 2012 would be on the income statement? - total assets dec 31, 2012 balance sheet? - retained earnings dec 31, 2012 bs? - net cash flow from operating on statement of cash flow?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:first year
operations during 2012
1. issued common stock of $2000
2. purchased $600 Of supplies on account
3. earned 6,000 of revenue on account
4. collected 5.5K from AR
5. paid 1.2k for contact beginning feb 1, 2012
6. paid $100 cash dividend
7. supplies on hand dec 31, 2012: $100
8. made adjusting entry necessary to
recognize rent expense
- net income reported dec. 31, 2012 would be
on the income statement?
- total assets dec 31, 2012 balance sheet?
- retained earnings dec 31, 2012 bs?
- net cash flow from operating on statement
of cash flow?
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