The following transactions apply to Wilson Fitness Center for Year 1.
1)Started the business by issuing $48,000 of common stock for cash.2)Provided services to clients and received $65,500 cash.3)Borrowed $10,500 from the bank.4)Paid $8,500 for rent of equipment.5)Purchased land for $15,000.6)Paid $46,600 of salary expense.7)Cash dividends of $4,000 were paid to the stockholders.
Required:a)What are the total assets of the business at the end of Year 1?b)Prepare a statement of cash flows for Year 1.

Question

Quizplus · Accepted Answer

The Answer of The following transactions apply to Wilson Fitness Center for Year 1.
1)Started the business by issuing $48,000 of common stock for cash.2)Provided services to clients and received $65,500 cash.3)Borrowed $10,500 from the bank.4)Paid $8,500 for rent of equipment.5)Purchased land for $15,000.6)Paid $46,600 of salary expense.7)Cash dividends of $4,000 were paid to the stockholders.
Required:a)What are the total assets of the business at the end of Year 1?b)Prepare a statement of cash flows for Year 1.

The Following Transactions Apply to Wilson Fitness Center for Year