George Company Was Started on January 1, 2013, When It

question 128

Multiple Choice

George Company was started on January 1, 2013, when it acquired $8,000 cash by issuing common stock. During 2013, the company earned cash revenues of $3,500, paid cash expenses of $2,750, and paid a cash dividend of $300. Based on this information,

• A)The December 31, 2013 balance sheet would show total equity of $11,500.
• B)The 2013 income statement would show net income of $450.
• C)The 2013 statement of cash flows would show net cash inflow from operating activities of $750.
• D)The 2013 statement of cash flows would show a net cash flow from financing activities of $8,000.

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