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Financial information related to Thorstad Interiors for June and July of 2007 is as follows:
Notes payable
$30,000
$45,000
Land
51,000
75,000
Capital stock
18,000
27,000
Retained earnings
?
Cash
54,000
81,000
a. Prepare balance sheets for Thorstad Interiors as of June 30 and July 31, 2007.
b. Determine the amount of net income for July, assuming that dividends of $6,000 were paid.
c. Determine the net cash flows from operating activities.
d. Determine the net cash flows from investing activities.
e. Determine the net cash flows from financing activities.
f. Determine the net increase or decrease in cash.
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