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The financial statements at the end of Harp Realty's first month of operations are shown below and on the next page.
Harp Realty
Income Statement
For the Month Ended April 30, 2008
Fees earned
$28,200
Expenses:
Wages expense
$ (a)
Rent expense
2,880
Supplies expense
2,400
Utilities expense
1,620
Miscellaneous expense
990
Total expenses
14,340
Net income
(b)
Statement of Owner's Equity
Iris Sigrist, capital, April 1, 2008
$ (c)
Investment on April 1, 2008
$ (d)
Net income for April
(e)
(f)
Less withdrawals
(g)
Increase in owner's equity
(h)
Iris Sigrist, capital, April 30, 2008
(i)
Balance Sheet
30-Apr-08
Assets
Liabilities
Cash
$17,700
Accounts payable
$1,440
Supplies
1,200
Owner's Equity
Land
(j)
Iris Sigrist, capital
(l)
Total liabilities and
Total assets
(k)
owner's equity
(m)
Statement of Cash Flows
Cash flows from operating activities:
Cash received from customers
$ (n)
Deduct cash payments for expenses and
payments to creditors
14,100
Net cash flow from operating activities
$ (o)
Cash flows from investing activities:
Cash payments for acquisition of land
(43,200)
Cash flows from financing activities:
Cash received as owner's investment
$54,000
Deduct cash withdrawal by owner
7,200
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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