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51
P2–3
1. PADGET HOME SERVICES, INC.
Income Statement
For the Year Ending December 31, 20Y7
Revenues:
Fees earned ................................................................ $620,000
2. PADGET HOME SERVICES, INC.
Statement of Stockholders’ Equity
For the Year Ending December 31, 20Y7
Common Stock Retained Earnings Total
52
P2–3, Concluded
3. PADGET HOME SERVICES, INC.
Balance Sheet
December 31, 20Y7
Assets
Liabilities
4. PADGET HOME SERVICES, INC.
Statement of Cash Flows
For the Year Ending December 31, 20Y7
Cash flows from operating activities:
53
P2–4
1. PADGET HOME SERVICES, INC.
Income Statement
For the Year Ending December 31, 20Y8
Revenues:
Expenses:
2. PADGET HOME SERVICES, INC.
Statement of Stockholders’ Equity
For the Year Ending December 31, 20Y8
Common Stock Retained Earnings Total
54
P2–4, Concluded
3. PADGET HOME SERVICES, INC.
Balance Sheet
December 31, 20Y8
Assets
Liabilities
4. PADGET HOME SERVICES, INC.
Statement of Cash Flows
For the Year Ending December 31, 20Y8
Cash flows from operating activities:
55
P2–5
56
P2–6
1. All financial statements should contain the name of the business in their
6. On the income statement, the total operating expenses that include dividends
57
P2–6, Continued
13. Since this is Alpine Realty’s first month of operation, the increase in cash for
July should equal $32,000, the cash balance as of July 31, 20Y8.
Corrected financial statements appear as follows:
ALPINE REALTY, INC.
Income Statement
For the Month Ended July 31, 20Y8
ALPINE REALTY, INC.
Statement of Stockholders’ Equity
For the Month Ended July 31, 20Y8
Common Stock Retained Earnings Total
58
P2–6, Concluded
ALPINE REALTY, INC.
Balance Sheet
July 31, 20Y8
Assets
Liabilities
ALPINE REALTY, INC.
Statement of Cash Flows
For the Month Ended July 31, 20Y8
Cash flows from operating activities:
