Gail's Greenhouse,Inc Requirements:
A

question 42

Essay

Gail's Greenhouse,Inc.,a small retail store which sells house plants,started business on January 1,2010.At the end of January,2010,the following information was available:
$\begin{array}{lr}\text { Sales of plants for cash } && \$ 75,000 \\\text { Sales of plants for credit (not yet collected) } && 15,000 \\\text { Cost of plants which were sold and paid for during January } && 45,000 \\\text { Expenses during incurred and paid for during January unless } & \\\text { otherwise noted: } & \\\quad \text { Salaries } & \$ 5,000 \\\text { Telephone } & 250 \\\text { Office supplies (all used) } & 150 \\\text { Electricity } &300 \\\text { Rent on the store for January, } 2010 \text { (will not be paid untilFebruary, 2010) } & 1,000\end{array}$ Requirements:
A.Using the above information,prepare the income statement for Gail's Greenhouse for the month ended January 31,2010.
B.What is the amount of cash flows provided by operating activities to be presented on the statement of cash flows?

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Definitions:

Data Redundancy

The unnecessary repetition of data within a database, which can lead to inconsistencies and increased storage.

Foreign Key

A field in a database table that is a primary key in another table, used to create a link between the two tables.

Primary Key Field

A special field in a database table used to uniquely identify each record within the table.

Primary Key Field

A unique identifier for each record in a database table, used to ensure data integrity.