Reference no: EM132524705
Question - Two local golf pros, Nick L. Dime and his wife Penny Pincher recently opened a new golf course called Par-Busters, Inc. They invested $10,000 of their cash savings, and received $10,000 of common stock on June 1. During June, the firm had the following transactions:
Constructed a caddy shack for $4,000 cash.
Bought golf clubs for $800 cash.
Leased land for $1,000 per month and paid the first month's rent.
Incurred $750 of advertising expenses for June. Of that amount, $600 was paid up front, but $150 had not been paid by the end of the month.
Paid members of the high school golf team $400 to retrieve golf balls.
Deposited all fees from customers in the corporate bank account.
Paid a cash dividend of $700 to Nick and Penny.
Received a $100 utility bill on June 30, but did not pay it until July.
Determined that the firm bank balance was $8,650 on June 30.
a) Determine the actual fees earned and actual operating income or loss for Par-Busters in June. (Hint: You can solve this problem in several ways: 1) by considering the cash inflows and outflows; 2) by preparing a retained earnings statement and an income statement; or 3) by using transactional analysis.)
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