The following transactions apply to Wilson Fitness Center for 2016.
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.
5)Paid $46,600 of salary expense.
6)Cash dividends of $4,000 were paid to the stockholders.
Required:
a)What are the total assets of the business at the end of 2016?
b)Prepare a Statement of Cash Flows for 2016.Precede the amount with a minus sign if the transaction reduces that section of the statement.

Question

Quizplus · Accepted Answer

The Answer of The following transactions apply to Wilson Fitness Center for 2016.
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.
5)Paid $46,600 of salary expense.
6)Cash dividends of $4,000 were paid to the stockholders.
Required:
a)What are the total assets of the business at the end of 2016?
b)Prepare a Statement of Cash Flows for 2016.Precede the amount with a minus sign if the transaction reduces that section of the statement.

The Following Transactions Apply to Wilson Fitness Center for 2016