200 CREDITORSNET CASH FLOW FROM OPERATING ACTIVITIES $ 18,800CASH FL...
4,200
creditors
Net cash flow from operating activities
$ 18,800
Cash flows from investing activities:
Cash payments for acquisition of land
(17,000)
Cash flows from financing activities:
Cash received as owner's investment
$ (l)
Deduct cash withdrawal by owner
(m)
Net cash flow from financing activities
(n)
Net cash flow and April 30, 2011 cash balance
$ (o)
Place your answers in the space provided below. Hint: Use the interrelationships among the financial statements to solve this problem.
(a)
___________
(b)
___________
(c)
___________
(d)
___________
(e)
___________
(f)
___________
(g)
___________
(h)
___________
(i)
___________
(j)
___________
(k)
___________
(l)
___________
(m)
___________
(n)
___________
(o)
___________
Answer
(a)
$ 6,400
(b)
$17,900
(c)
$ 9,100
(d)
$ 9,100
(e)
$44,100
(f)
$38,100
(g)
$30,800
(h)
$17,000
(i)
$17,800
(j)
$38,100
(k)
$55,900
(l)
$35,000 given
(m)
$ 6,000
(n)
$29,000
(o)
$30,800
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Question Eric Wood, CPA, was organized on January 1, 2011, as a proprietorship. List the errors that you find in the following financial statements
and prepare the corrected statements for the three months ended March 31, 2011.
Eric Wood, CPA
Income Statement
For the Three Months Ended March 31, 2011
Fees earned
$42,000
Operating expenses:
Salary expense
$9,735
Rent expense
5,200
Advertising expense
3,950
Utilities expense
3,225
Miscellaneous expense
4,000
Answering service expense
2,550
Supplies expense
4,000
Total operating expenses
28,000
Net income
$14,000
Statement of Owner's Equity
March 31, 2011
Eric Wood, capital, January, 1, 2011
$ 0
Investment on January 1, 2011
$20,000
Net income for the 3 months
14,000