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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.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M92047364

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