Posted: December 15th, 2015
Accounting
Heidi Fritz established Freedom Financial Services on March 1, 2014. Freedom Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for March are shown below.
Assets = Liabilities + Stockholders’ Equity
Cash + Accounts Receivable + Supplies = Accounts Payable + Capital Stock – Dividends + Fees Earned – Salaries Expense – Rent Expense – Auto Expense – Supplies Expense – Misc. Expense
a. +43,780 +43,780
b. +3,810 +3,810
Bal. 43,780 3,810 3,810 43,780
c. +42,900 +42,900
Bal. 86,680 3,810 3,810 43,780 42,900
d. -11,800 -11,800
Bal. 74,880 3,810 3,810 43,780 42,900 -11,800
e. -1,840 -1,840
Bal. 73,040 3,810 1,970 43,780 42,900 -11,800
f. +30,200 +30,200
Bal. 73,040 30,200 3,810 1,970 43,780 73,100 -11,800
g. -8,320 -5,690 -2,630
Bal. 64,720 30,200 3,810 1,970 43,780 73,100 -11,800 -5,690 -2,630
h. -17,500 -17,500
Bal. 47,220 30,200 3,810 1,970 43,780 73,100 -17,500 -11,800 -5,690 -2,630
i. -2,200 -2,200
Bal. 47,220 30,200 1,610 1,970 43,780 73,100 -17,500 -11,800 -5,690 -2,200 -2,630
j. -10,900 -10,900
Bal. 36,320 30,200 1,610 1,970 43,780 -10,900 73,100 -17,500 -11,800 -5,690 -2,200 -2,630
Required:
Freedom Financial Services
Income Statement
For the Month Ended March 31, 2014
$
Expenses:
$
Total expenses
Freedom Financial Services
Retained Earnings Statement
For the Month Ended March 31, 2014
$
3. Prepare a balance sheet as of March 31, 2014. When entering assets, enter them in order of liquidity.
Freedom Financial Services
Balance Sheet
March 31, 2014
Assets
$
Total assets
$
Liabilities
$
Stockholders’ Equity
$
Total stockholders’ equity
Total liabilities and stockholders’ Equity
$
4. Prepare a statement of cash flows for the month ending March 31, 2014. For those boxes in which no entry is required, enter “0”.
Freedom Financial Services
Statement of Cash Flows
For the Month Ended March 31, 2014
Cash flows from operating activities:
$
$
Cash flows from investing activities:
Cash flows from financing activities:
$
$
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A GOOD DISCOUNT 🙂
Place an order in 3 easy steps. Takes less than 5 mins.