Balance Sheet Assistance - Kate's Interiors
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Balance Sheet Assistance
Financial information related to Kate's Interiors for May and June of 2011 is as follows:
May 31, 2011 June 30, 2011
Notes Payable $200,000 $250,000
Land $500,000 $575,000
Capital Stock $75,000 $90,000
Retained Earnings ? ?
Cash $100,000 $175,000
a. Prepare balance sheets for Kate's Interiors as of May 31 and June 30th.
b. Determine the amount of net income for June, assuming that dividends of $35,000 were paid.
c. Determine the net cash flows from operating activities.
d. Determine the net cash flows from financing activities.
e. Determine the net increase or decrease in cash.
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Solution Summary
Balance Sheet Assistance
Financial information related to Kate's Interiors for May and June of 2011 is as follows:
May 31, 2011 June 30, 2011
Notes Payable $200,000 $250,000
Land $500,000 $575,000
Capital Stock $75,000 $90,000
Retained Earnings ? ?
Cash $100,000 $175,000
a. Prepare balance sheets for Kate's Interiors as of May 31 and June 30th.
b. Determine the amount of net income for June, assuming that dividends of $35,000 were paid.
c. Determine the net cash flows from operating activities.
d. Determine the net cash flows from financing activities.
e. Determine the net increase or decrease in cash.
Purchase this Solution
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