Below are the account balances for Cowboy Law Firm at the end of December.

Below are the account balances for Cowboy Law Firm at the end of December.

Accounts	Balances
Cash	$	4,700
Salaries expense		1,850
Accounts payable		2,700
Retained earnings		4,150
Utilities expense		1,100
Supplies		13,100
Service revenue		8,600
Common stock		5,300

Required:

Use only the appropriate accounts to prepare an income statement.

Below are several transactions for Meyers Corporation for 2015.Issue common stock for cash, $50,000.

Below are several transactions for Meyers Corporation for 2015.

a.	Issue common stock for cash, $50,000.
b.	Purchase building and land with cash, $35,000.
c.	Provide services to customers on account, $7,000.
d.	Pay utilities on building, $1,000.
e.	Collect $5,000 on account from customers.
f.	Pay employee salaries, $9,000.
g.	Pay dividends to stockholders, $4,000.

Required:

1.

For each transaction, determine the amount of cashflow. If cash is involved in the transaction, select whether Meyers should classify it as operating, investing, or financing in a statement of cash flows. (Enter N/A if the question is not applicable to the statement. List cash outflows as negative amounts.)

2.	Calculate net cash flows for the year. (List cash outflows as negative amounts.)

3.	Assuming the balance of cash on January 1, 2015, equals $4,400, calculate the balance of cash on December 31, 2015.

The December 31, 2015, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.

The December 31, 2015, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.

Accounts	Debit			Credit
Cash	$	11,200
Accounts Receivable		142,000
Prepaid Rent		5,200
Supplies		26,000
Equipment		320,000
Accumulated Depreciation				$	127,000
Accounts Payable					11,200
Salaries Payable					10,200
Interest Payable					4,200
Notes Payable (due in two years)					32,000
Common Stock					220,000
Retained Earnings					52,000
Service Revenue					420,000
Salaries Expense		320,000
Rent Expense		16,000
Depreciation Expense		32,000
Interest Expense		4,200
Totals	$	876,600		$	876,600

Required:

1.	Record the necessary closing entries at December 31, 2015. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2.	Prepare a post-closing trial balance.

Laker Incorporated’s fiscal year-end is December 31, 2015. The following is an adjusted trial balance as of December 31.

Laker Incorporated’s fiscal year-end is December 31, 2015. The following is an adjusted trial balance as of December 31.

    

Accounts	Debit			Credit
Cash	$	10,800
Supplies		33,000
Prepaid Rent		24,000
Accounts Payable				$	1,800
Notes Payable					18,000
Common Stock					34,000
Retained Earnings					7,800
Dividends		2,800
Service Revenue					55,200
Salaries Expense		18,800
Advertising Expense		11,800
Rent Expense		8,800
Utilities Expense		6,800
Totals	$	116,800		$	116,800

    

Required:
1.	Prepare the necessary closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2.	Calculate the ending balance of Retained Earnings.

Explanation:

Retained Earnings

			7,800
			55,200
	46,200
	2,800
			14,000