Reference no: EM132740833
Pepper Company entered into the following transactions during 2012 which was its first year of operations:
1) Issued common stock for $10,000 cash.
2) Purchased $600 of supplies on account.
3) Earned $7,000 of revenue on account.
4) Collected $6,500 cash from accounts receivable.
5) Paid $1,200 for a one-year contract to rent office space beginning February 1, 2012.
6) Paid a $100 cash dividend.
7) Supplies on hand as of December 31, 2012, amounted to $100.
8) Made the adjusting entry necessary to recognize rent expense.
Problem 1: The amount of net income reported on Pepper's December 31, 2012 income statement would be __________.
Problem 2: The amount of total assets on Pepper's December 31, 2012 balance sheet would be ________.
Problem 3: The amount of retained earnings appearing on Pepper's December 31, 2012 balance sheet would be ___________.
Problem 4: The amount of net cash flow from operating activities on Pepper's 2012 Statement of Cash Flows would be
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