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?

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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