Posted: July 31st, 2016

What s a lifestyle audit?

1. Joe Company engaged in the following events during 2010:
Began operations by issuing common stock to investors for $40,000 cash
Provided services to customers on account, $95,000
Collected $72,000 cash from accounts receivable
Paid salaries of $55,000 for the year
Adjusted accounts to reflect estimate that 2 percent of services revenues on account would be

Determine Joe’s
a. net income for 2010 and
B. net cash flow from operating activities
C. balance in accounts receivable at the end of 2010
D. net realizable value of accounts receivable at the end of 2010
E. total assets as of December 31, 2010

Richard Company started a consulting company in December 2011. Prepare the December 31, 2011 Balance Sheet. The following occurred in December.

. Acquired $40,000 cash by issuing common stock

. Borrowed $10,000 cash on December 1st on a note to the bank due May 31,
2012 at 12% APR

. Provided service to customers for $25,000 cash

. Paid $18,000 cash for all operating expense except the interest on the note

. Paid a cash dividend of $1,000 to stockholders

. Purchased a new equipment with cash at the after Christmas clearance sale for

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