Acc/300 Week 3 Learning Team Assignment

WEEK THREE LEARNING TEAM B ASSIGNMENT
PROBLEM 1-30A

OSHEA ENTERPRISES INCOME STATEMENT AT DECEMBER 31, 2002 REVENUE $48,000.00
OPERATING EXPENSES 32,000.00 NET INCOME (change in Net Assets) $16,000.00

OSHEA ENTERPRISES STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY AT DECEMBER 31, 2002 BEGINNING COMMON STOCK 4,000.00
PLUS: COMMON STOCK ISSUED 10,000.00 ENDING COMMON STOCK $14,000.00
BEGINNING RETAINED EARNINGS 8,000.00
PLUS: NET INCOME 16,000.00
LESS: DIVIDENDS (2,000.00) ENDING RETAINED EARNINGS 22,000.00 TOTAL STOCKHOLDERS EQUITY $36,000.00 OSHEA ENTERPRISES BALANCE SHEET AT DECEMBER 31, 2002

ASSETS
CASH $48,000.00
LAND

TOTAL ASSETS $48,000.00 LIABILITIES
NOTES PAYABLE $12,000.00
STOCKHOLDERS EQUITY
COMMON STOCK $14,000.00
RETAINED EARNINGS 22,000.00 TOTAL STOCKHOLDERS EQUITY 36,000.00 TOTAL LIABILITY AND STOCKHOLDERS EQUITY $48,000.00

OSHEA ENTERPRISES STATEMENT OF CASH FLOWS AT DECEMBER 31, 2002

CASH FLOWS FROM OPERATING ACTIVITIES:
CASH RECEIPTS FROM REVENUE $48,000.00
CASH PAYMENTS FOR EXPENSES (32,000.00) NET CASH FLOW FROM OPERATING EXPENSES $16,000.00
CASH FLOWS FOR INVESTING ACTIVITIES:
CASH PAYMENTS TO PURCHASE LAND
CASH FLOWS FROM FINANCING ACTIVITIES:
CASH RECEIPTS FROM ISSUING COMMON STOCK 10,000.00
CASH PAYMENTS FOR DIVIDENDS (2,000.00)
CASH PAYMENTS TO REDUCE LIABILITY (6,000.00) NET CASH