Act Inc. began operations on June 1, 2017. The financial statements for the company are shown…

Act Inc. began operations on June 1, 2017. The financial
statements for the company are shown below for the month ended June
30, 2017 (the first month of operations). Determine the missing
amounts for letters (a) through (o). Hint: Start at the bottom and
work your way up.

Act Inc

Income Statement

For the Month Ended June 30, 2017

Fees earned


Operating expenses:

   Wages expense


   Rent expense


   Supplies expense






Total operating expenses


Net income

$       (c)

Act Inc

Retained Earnings Statement

For the Month Ended June 30, 2017

Retained Earnings, June 1, 2017


Net income

$        (d)

Less dividends


Increase in retained earnings


Retained Earnings, June 30, 2017

$        (f)

Act Inc

Balance Sheet

June 30, 2017




$       (g)

Accounts payable

$      (i)



Stockholders’ Equity



$   (j)

Total assets



Total stockholders’ equity


Total liabilities and stockholders’ equity

$       (l)

Act Inc

Statement of Cash Flows

For the Month Ended June 30, 2017

Cash flows from operating activities:

    Cash received from customers


   Deduct cash payments
for expenses and payments to



   Net cash flow from
operating activities

$ (m)

Cash flows from investing

    Cash payments
for acquisition of land


Cash flows from financing

    Cash received
from sale of capital stock

$      (n)

    Deduct cash


    Net cash flow from
financing activities


Net cash flow and June 30, 2017, cash

$         (q)

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