Acc/300 Week 3 Learning Team Assignment

Topics: Generally Accepted Accounting Principles, Income statement, Balance sheet Pages: 3 (267 words) Published: April 9, 2011
WEEK THREE LEARNING TEAM B ASSIGNMENT
PROBLEM 1-30A

OSHEA ENTERPRISES
INCOME STATEMENT
AT DECEMBER 31, 2002

REVENUE$48,000.00
OPERATING EXPENSES32,000.00

NET INCOME (change in Net Assets)$16,000.00

OSHEA ENTERPRISES
STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY
AT DECEMBER 31, 2002

BEGINNING COMMON STOCK4,000.00
PLUS: COMMON STOCK ISSUED10,000.00

ENDING COMMON STOCK$14,000.00
BEGINNING RETAINED EARNINGS8,000.00
PLUS: NET INCOME16,000.00
LESS: DIVIDENDS(2,000.00)

ENDING RETAINED EARNINGS22,000.00

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 EARNINGS22,000.00

TOTAL STOCKHOLDERS EQUITY36,000.00

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 STOCK10,000.00
CASH PAYMENTS FOR DIVIDENDS(2,000.00)
CASH PAYMENTS TO REDUCE LIABILITY(6,000.00)

NET CASH...
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