Squirrel Tree Services reports the following amounts on December 31.
Assets Liabilities and Stockholders’ Equity
Cash $ 8,300 Accounts payable $ 11,500
Supplies 2,400 Salaries payable 4,100
Prepaid insurance 4,100 Notes payable 26,000
Building 78,000 Common stock 40,000
Retained earnings 11,200
In addition, the company reported the following cash flows.
Cash Inflows Cash Outflows
Customers $ 96,000 Employee salaries $ 40,000
Borrow from the bank (note) 38,000 Supplies 22,000
Sale of investments 35,800 Dividends 15,500
Purchase building 98,000
Required:
1. Prepare a balance sheet.
2. Prepare a statement of cash flows. (Cash outflows and decreases in cash should be indicated by a minus sign.)
Answers: 1
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Assets Liabilities and Stockho...
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