The Following Transactions Apply to Wilson Fitness Center for 2016

question 38

Essay

The following transactions apply to Wilson Fitness Center for 2016.
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.
5)Paid $46,600 of salary expense.
6)Cash dividends of $4,000 were paid to the stockholders.
Required:
a)What are the total assets of the business at the end of 2016?
b)Prepare a Statement of Cash Flows for 2016.Precede the amount with a minus sign if the transaction reduces that section of the statement.

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Definitions:

Insight Therapies

A group of psychotherapies in which verbal interactions are intended to enhance clients’ self-knowledge and thus promote healthful changes in personality and behavior.

Behavior Therapies

The application of the principles of learning to direct efforts to change clients’ maladaptive behaviors.

Biomedical Therapies

Medical treatments for mental health disorders that involve medication, surgery, or other physiological interventions.

Alternative Therapies

Non-conventional methods used for treatment or health improvement, which are not based on traditional medical practices.