Essay
The following transactions apply to Copeland's Fitness Center for 2012.
1)Started the business by issuing $18,000 of common stock for cash
2)Provided services to clients and received $28,000 cash
3)Borrowed $6,500 from the bank for the business
4)Paid $4,500 for rent of equipment
5)Paid $6,000 of salary expense
6)Cash dividends of $11,500 were paid to the stockholders
Required:
a)What are the total assets of the business at the end of 2012?
b)Prepare a Statement of Cash Flows for 2012.
Correct Answer:
Verified
Correct Answer:
Verified
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