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The financial statements at the end of Ruby River Realty's first month of operations are shown below.
Ruby River Realty
Income Statement
For the Month Ended June 30, 2004
Fees earned . .
$23,500
Operating expenses:
Wages expense .
$ (a)
Rent expense . .
4,400
Utilities expense
1,350
Miscellaneous expense .
825
Total operating expenses .
11,950
Net income . .
$ (b)
Retained Earnings Statement
Net income for June . .
$ (c)
Less dividends
(d)
Retained earnings, June 30, 2004 .
$ (e)
Balance Sheet
June 30, 2004
Assets
Cash .
$14,750
Prepaid expenses .
1,000
Land .
(f )
Total assets . .
$ (g)
Liabilities
Accounts payable .
$ 1,200
Stockholders' Equity
Capital stock .
$ (h)
Retained earnings .
(i)
(j)
Total liabilities and stockholders' equity . .
$ (k)
Ruby River Realty Statement of Cash Flows
Cash flows from operating activities:
Cash received from customers
$ (l)
Deduct cash payments for expenses and payments to creditors
11,750
Net cash flow from operating activities
$ (m)
Cash flows from investing activities:
Cash payments for acquisition of land
$ 36,000)
Cash flows from financing activities:
Cash received from issuing capital stock
$45,000
Deduct dividends
6000
Net cash flow from financing activities
(n)
Net cash flow and June 30, 2004 cash balance
$(0)
Instructions
1. Would you classify a realty business like Ruby River as a manufacturing, merchandising, or service business?
2. By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (o).
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