Prepare a statement of cash flows for the month ended July 31, 2004.
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Scott Douma established Top-Notch Computer Services on July 1, 2004. The effect of each transaction and the balances after each transaction for July are shown in the table at the top of the following page.
Instructions
1. Prepare an income statement for the month ended July 31, 2004.
2. Prepare a retained earnings statement for the month ended July 31, 2004.
3. Prepare a balance sheet as of July 31, 2004.
4. Prepare a statement of cash flows for the month ended July 31, 2004.
Assets
=
Liabilities
+
Stockholders’ Equity
Notes
Capital
Retained
Cash
+
Land
=
Payable
+
Stock
+
Earnings
a.
+18,000
+18,000
Investment
b.
+12,250
12,250
Fees earned
Bal.
30,250
18,000
12,250
c.
-2,000
-2,000
Rent expense
Bal.
28,250
18,000
10,250
d.
+10,000
+10,000
Bal.
38,250
10,000
18,000
10,250
e.
-25,000
+25,000
Bal.
13,250
25,000
10,000
18,000
10,250
f.
-1,150
-800
Auto expense
-350
Misc. expense
Bal.
12,100
25,000
10,000
18,000
9,100
g.
-2,500
-2,500
Salaries expense
Bal.
9,600
25,000
10,000
18,000
6,600
h.
-1,000
-1,000
Dividends
Bal.
8,600
25,000
10,000
18,000
5,600
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