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Make a statement of cash flows

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Question - On January 1, Year 1, Jana started a small flower merchandising business that she named Jana's Flowers. The company experienced the following events during the first year of operation:

-Started the business by issuing common stock for $30,000 cash.

-Paid $19,000 cash to purchase inventory.

-Sold merchandise that cost $10,000 for $21,000 on account.

-Collected $16,000 cash from accounts receivable.

-Paid $3,750 for operating expenses.

Required -

a. Organize ledger accounts under an accounting equation and record the events in the accounts. In the last column of the table, provide appropriate account titles for the Retained Earnings amounts.

b-1. make an income statement.

b-2. make a balance sheet.

b-3. make a statement of cash flows.

c. Since Jana sold inventory for $21,000, she will be able to recover more than half of the $30,000 she invested in the stock. Do you agree with this statement?

Reference no: EM132988856

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