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    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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    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.

    $2.19

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