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

$37,000

Operating expenses:

   Wages expense

$15,250

   Rent expense

(a)

   Supplies expense

4,600

   Utilities
expense

400

   Miscellaneous
expense

  1,250

Total operating expenses

         (b)

Net income

$       (c)

Act Inc

Retained Earnings Statement

For the Month Ended June 30, 2017

Retained Earnings, June 1, 2017

0

Net income

$        (d)

Less dividends

    4,000

Increase in retained earnings

          (e)

Retained Earnings, June 30, 2017

$        (f)

Act Inc

Balance Sheet

June 30, 2017

Assets

Liabilities

Cash

$       (g)

Accounts payable

$      (i)

Supplies

8,100

Stockholders’ Equity

Land

        (h)

Capital
stock                      
$   (j)

Total assets

$55,900

Retained
earnings               
    (k)   

Total stockholders’ equity

            
38,100

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

$33,000

   Deduct cash payments
for expenses and payments to

   creditors

  14,200

   Net cash flow from
operating activities

$ (m)

Cash flows from investing
activities:

    Cash payments
for acquisition of land

(17,000)

Cash flows from financing
activities:

    Cash received
from sale of capital stock

$      (n)

    Deduct cash
dividends

        (o)

    Net cash flow from
financing activities

           (p)

Net cash flow and June 30, 2017, cash
balance

$         (q)

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