Reference no: EM132380175

Question :

After several months of planning, Denise Murphy started a property management business for the for the properties that its owners invest called ABC Property Management {"ABC"). The following events occurred during its first month:

a. On May 1, Murphy started the firm, investing $330!] cash and $15,l'.}[i? of equipnlenL

b. On May 2, ABC paid $??t} cash for furniture for the shop.

c. On May 3, ABC paid 35m} cash to rent space in a strip mall for May.

d. On May 4, ABC purchased $1,2?? of equipment on credit for the shop (using a long-term note payable).

e. On May 5, ABC opened for business. Cash received from services provided in the first week and a half of business (ended May 15) is $325.

f. On May 15, it provided $10G of property management services on account (invoiced).

g. On May 1?, it received a $1?? check for services previously rendered on account.

h. On May 1?, it paid $125 to an assistant for 1work during the store opening.

i. lCash received from services provided during the second half of May is $93].

j. On May 31, it paid an $4M installment toward principal on the note payable entered into on May 4.

k. On May 31, it paid $993 cash dividends to Murphy.

Questions

Create a Transaction Table for the above events. Parepare a simplified balance sheet, income statement and statement of cash ?ows from the Transaction Table.