The following transactions apply to Wilson Fitness Center for Year 1.1) Started the business by issuing $48,000 of common stock for cash.2) Provided services to clients and received $65,500 cash.3) Borrowed $10,500 from the bank.4) Paid $8,500 for rent of equipment.5) Purchased land for $15,000.5) Paid $46,600 of salary expense.6) Cash dividends of $4,000 were paid to the stockholders.Required: a) What are the total assets of the business at the end of Year 1?b) Prepare a statement of cash flows for Year 1.
What will be an ideal response?
a) Total assets = $48,000 + $65,500 + $10,500 ? $8,500 + $15,000 ? $15,000 ? $46,600 ? $4,000 = $64,900
b)
You might also like to view...
Google made a pledge to investors when it went public to reserve 1% of its profit and equity to “make the world a better place.” This is an example of corporate
a. fairness. b. correctness. c. greenworks. d. philanthropy. e. sustainability.
If a project is expected to be completed in 68 days with a project variance of 21 days, what is the probability that the project will be completed within 50 days?
A. less than 1% B. between 5% and 10% C. between 15% and 30% D. over 35%
Discuss the arguments between the economic model and stakeholder theory.
What will be an ideal response?
An international agreement between the President, representing the United States, and a foreign nation entered into without resort to the treaty process is:
a. a self-executing treaty. b. an executive agreement. c. an executory treaty. d. a presidential agreement.