358 Assignment 2

Read the story below and complete the financial statements on the worksheet tab labeled "Sams 2" then answer the q

then answer the questions on the last tab.

Statement of Cash Flows

June through August 2016
Net cash flow from operations
$
Net cash flow form investing
Net cash flow from financing
Net increase in cash
$
Beginning cash balance
Ending cash Balance
$

Sam's Bycicle Repair, Inc.

Page 2 of 3

Balance Sheet 5/31/16

Assets
$
Total
$

800
800

Liabilities and Equity

Capital stock
$
Retained earnings
$
Total
$

800
800

Cash

5,243
1,300
3,943
800
4,743

Income Statement
June through August 2016
Bike repair revenue
Expenses:
Advertising expense
Garage rent expense
Tool rent expense
Supplies expense
Net income

500
900
400
57
4,243

Statement of Stockholders' Equity

June through August 2016
Retained Earnings 5/31
Net income
Dividends
Retained earnings 8/31

0
4,243
0
4,243

6,100

Balance Sheet 8/31/16

Assets
Cash
$
Accounts receivable
Total
$

4,743
400
5,143

Liabilities and Equity

Accounts payable
$
Capital Stock
Retained earnings
Total
$

1,000
800
4,243
5,143

You may answer all questions by clicking to the right of the number in the textbox below. Then just start typ
1. $5243

2. The four types of expenses he incured were garage rent expense, supplies expense, tool rent expense, and advertisin
expense.
3. ad- $500, garage rent- $900, tool rent- $400, supplies- $57
4. ad- $500, garage rent- $0, tool rent- $300, supplies- $57
5. garage rent- $900, tool rent- $100
6. cash and capital stock
7. yes
8. when he plans on paying his father

w. Then just start typing

xpense, and advertising