The Following Information Is Available for the Skate and Boards

question 232

Essay

The following information is available for the Skate and Boards Rental.
$\begin{array}{|l|r|}\hline \text { Assets at December } 31,2011 & \$ 152,000 \\\hline \text { 2011 Cash inflows from operating activities } & 105,000 \\\hline \text { 2011 Cash outflows from financing activities } & (44,000) \\\hline \text { 2011 Cash outflows from investing activities } & (84,000) \\\hline \text { 2011 Expenses } & (43,000) \\\hline \text { Retained earnings at December 31, 2010 } & 50,000 \\\hline \text { Liabilities at December 31, 2011 } & 28,000 \\\hline \text { Common stock at December 31, 2011 } & 12,000 \\\hline \text { 2011 Revenues } & 135,000 \\\hline \text { 2011 Dividends } & (30,000)\\\hline\end{array}$
Using the above information prepare an Income Statement,Statement of Retained Earnings and Statement of Cash Flows for the Skate and Boards Rental for 2011.Also,prepare its Balance Sheet as of December 31,2011.Assume that the 12/31/10 cash balance is $70,000.

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Definitions:

Contract Exist

The state in which an agreement has the necessary elements of offer, acceptance, and consideration, making it legally enforceable.

Merchant Offeror

A seller or provider of goods and services who presents an offer in a commercial transaction, especially one with expertise or professional standing in the transaction's subject matter.

Firm Offer

an offer in contract law that remains valid for a certain period of time and cannot be withdrawn during that period by the offeror.

Written Offer

A formal proposal presented in written form, detailing the terms under which the offeror is willing to engage in a transaction or agreement.