The Following Transactions Apply to Wilson Fitness Center for Year

question 108

Essay

The following transactions apply to Wilson Fitness Center for Year 1.
1)Started the business by issuing $48,000 of common stock for cash.2)Provided services to clients and received $65,500 cash.3)Borrowed $10,500 from the bank.4)Paid $8,500 for rent of equipment.5)Purchased land for $15,000.6)Paid $46,600 of salary expense.7)Cash dividends of $4,000 were paid to the stockholders.
Required:a)What are the total assets of the business at the end of Year 1?b)Prepare a statement of cash flows for Year 1.

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Definitions:

Endocrine System

A collection of glands that secrete hormones directly into the circulatory system to be carried towards distant target organs.

Skeletomuscular System

The combined system of the human body that includes both skeletal and muscular components, responsible for support, movement, and protection.

Protein P53

A tumor suppressor protein involved in cell cycle regulation and apoptosis, playing a key role in preventing cancer development.

Cell Division

The process by which a parent cell divides into two or more daughter cells, essential for growth, repair, and reproduction of living organisms.