The Following Transactions Apply to Warren Fitness Center for 2012

question 113

Essay

The following transactions apply to Warren Fitness Center for 2012.
1) Started the business by issuing $38,000 of common stock for cash.
2) Provided services to clients and received $28,500 cash.
3) Borrowed $7,500 from the bank.
4) Paid $6,500 for rent of equipment.
5) Purchased land for $12,000.
5) Paid $16,600 of salary expense.
6) Cash dividends of $4,500 were paid to the stockholders.
Required:
a) What are the total assets of the business at the end of 2012?
b) Prepare a Statement of Cash Flows for 2012.

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Definitions:

Intensive Contact

Close, thorough, or comprehensive interaction or engagement between individuals, groups, or entities, often leading to significant influence or change.

Restorative Justice

A form of justice that focuses on the rehabilitation of offenders through reconciliation with victims and the community at large.

Indigenous Communities

Groups of indigenous people who maintain traditions or aspects of an early culture that is associated with a given region.

Social Order

The structured pattern of social arrangements and organized relationships within a society, which greatly influences its functioning and stability.