Totalexpenses 53,100 $63,775 Netincome D'LITEDRYCLEANERS JoelPalk,capital,July1,2019 $180,000 AdditionalinvestmentduringJuly $35,000 NetincomeforJuly 63,775 Withdrawals (12,000) Increaseinowner’sequity 86,775 JoelPalk,capital,July31,2019 $266,775 D'LITEDRYCLEANERS BalanceSheet July31,2019 Assets Cash $95,325 Accountsreceivable 89,750 Supplies 5,900 Land 125,000 $315,975 Totalassets Liabilities Accountspayable $49,200 Owner’sEquity JoelPalk,capital 266,775 $315,975 Totalliabilitiesandowner’sequity Prob.1-5A(Concluded) 4. (Optional) D'LITEDRYCLEANERS StatementofCashFlows FortheMonthEndedJuly31,2019 Cashflowsfromoperatingactivities: Cashreceiptsfromcustomers* $120,125 Cashpaymentsforexpensesandpaymentsto creditors** (42,800) Netcashflowfromoperatingactivities $77,325 Cashflowsusedforinvestingactivities: Cashpaymentforpurchaseofland (50,000)
Totalexpenses 53,100 Netincome $63,775 D'LITEDRYCLEANERS JoelPalk,capital,July1,2019 $180,000 AdditionalinvestmentduringJuly $35,000 NetincomeforJuly 63,775 Withdrawals (12,000) Increaseinowner’sequity 86,775 JoelPalk,capital,July31,2019 $266,775 D'LITEDRYCLEANERS BalanceSheet July31,2019 Assets Cash $95,325 Accountsreceivable 89,750 Supplies 5,900 Land 125,000 Totalassets $315,975 Liabilities Accountspayable $49,200 Owner’sEquity JoelPalk,capital 266,775 Totalliabilitiesandowner’sequity $315,975 Prob.1-5A(Concluded) 4. (Optional) D'LITEDRYCLEANERS StatementofCashFlows FortheMonthEndedJuly31,2019 Cashflowsfromoperatingactivities: Cashreceiptsfromcustomers* $120,125 Cashpaymentsforexpensesandpaymentsto creditors** (42,800) Netcashflowfromoperatingactivities $77,325 Cashflowsusedforinvestingactivities: Cashpaymentforpurchaseofland (50,000)
Solution-Manual-for-Financial-Accounting-15th-Edition-by-Warren.docx