ACCT 2220 Final: All accounting notes
104 views72 pages
14 Sep 2016
School
Department
Course
Professor
Get access
Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Related Documents
Related Questions
An inexperienced accountant for Prestwick Company prepared the following income statement for the month of August 2015: |
PRESTWICK COMPANY AUGUST 31, 2015 | |||||
Revenues: | |||||
Services provided to customers | $ | 17,000 | |||
Investment by stockholders | 5,000 | ||||
Loan from bank | 15,000 | $ | 37,000 | ||
Expenses: | |||||
Payments to long-term creditors | $ | 11,700 | |||
Expenses required to provide services to customers | 7,800 | ||||
Purchase of land | 16,000 | 35,500 | |||
Net income | $ | 1,500 | |||
Based on the information prepare a statement of cash flows in a form consistent with generally accepted accounting principles. You may assume all transactions were in cash and that the beginning cash balance was $7,200. (List any deduction in cash and cash outflows as negative amounts.) |