Reference no: EM132701526

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.

Question 1: The amount of net income reported on Pepper's December 31, 2012 income statement would be

Question 2: The amount of total assets on Pepper's December 31, 2012 balance sheet would be

Question 3: The amount of retained earnings appearing on Pepper's December 31, 2012 balance sheet would be

Question 4: The amount of net cash flow from operating activities on Pepper's 2012 Statement of Cash Flows would be