Reference no: EM131292698
Below are the February transactions for Patricia Co.:
a. Received $3,750 for services provided from clients who paid cash.
b. Acquired cash of $25,000 by issuing common stock.
c. Paid the following expenses for the current month: salaries and commissions, $4,600; insurance, $950; telephone, $650.
d. Provided services to customers on account with invoices totaling $9,800.
e. Paid dividends of $1,400 to stockholders.
f. Paid $2,050 on a three-year rental agreement for office space.
g. Received cash of $4,200 from clients for services previously billed.
h. Purchased supplies for cash, $450.
i. Adjusted the accounting records to show that supplies of $360 were on hand at the end of the month.
Calculate (1) the February 28 cash balance, (2) the amount of net income for February and (3) the net cash flows provided by operating activities for February for Patricia Co.
On August 31, 2016, Poindexter Landscaping, Inc., had account balances as follows:
Cash 20,000
Accounts Receivable 8,000
Prepaid Insurance 1,600
Retained Earnings, August 1, 2016 13,120
Notes Payable 12,800
Accumulated Depreciation 22,400
Dividends 40,000
Landscaping Revenue 144,000
Rent Expense 14,400
Supplies 1,120
Common Stock 16,000
Gasoline Expense 8,000
Depreciation Expense 8,640
Utilities Expense 6,720
Equipment 46,400
Accounts Payable 5,120
Supplies Expense 46,720
Insurance Expense 9,600
Interest Expense 2,240
Please help me present, in good form, (a) an income statement for August, (b) a statement of retained earnings for August, and (c) a balance sheet as of August 31.
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: Below are the February transactions for Patricia Co. Received $3,750 for services provided from clients who paid cash. Acquired cash of $25,000 by issuing common stock. Calculate (1) the February 28 cash balance, (2) the amount of net income for Febr..
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