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The financial statements at the end of Cayenne Realty's first month of operations are shown below.
Cayenne Realty
Income Statement
For the Month Ended June 30, 2008
Fees earned
$ (a)
Expenses:
Wages expense
$34,000
Rent expense
12,800
Supplies expense
(b)
Utilities expense
7,200
Miscellaneous expense
4,400
Total expenses
70,400
Net income
$49,600
Statement of Owner's Equity
Andrea Merkel, capital, June 1, 2008
$ (c)
Investment on June 1, 2008
$160,000
Net income for June
(d)
(e)
Less withdrawals
24,000
Increase in owner's equity
(f)
Andrea Merkel, capital, June 30, 2008
(g)
Balance Sheet
30-Jun-08
Assets
Liabilities
Cash
$17,800
Accounts payable
$6,400
Supplies
14,200
Owner's Equity
Land
160,000
Andrea Merkel, capital
(i)
Total liabilities and
Total assets
(h)
owner's equity
(j)
Statement of Cash Flows
Cash flows from operating activities:
Cash received from customers
$ (k)
Deduct cash payments for expenses and
payments to creditors
78,200
Net cash flow from operating activities
$ (l)
Cash flows from investing activities:
Cash payments for acquisition of land
(m)
Cash flows from financing activities:
Cash received as owner's investment
(n)
Deduct cash withdrawal by owner
(o)
Net cash flow from financing activities
(p)
Net cash flow and June 30, 2008, cash balance
(q)
Instructions
By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (q).
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