The following transactions apply to the Garber Corporation for 2015,its first year in business.
1)Issued stock to investors,$48,000.
2)The company borrowed $42,000 cash from the bank.
3)Services were provided to customers and $50,000 cash was received.
4)The company acquired land for $44,000.
5)The company paid $34,000 rent for the building where it does its business.
6)The company paid $3,200 for supplies that were used during the period.
7)The company sold the land acquired in item 5 for $44,000.
8)A dividend of $1,000 was paid to the owners.
9)Repaid $20,000 of the loan described in item 2.
Required:
a.Prepare an income statement,statement of changes in equity,and balance sheet for 2015.Precede the amount with a minus sign if the transaction reduces that section of the financial statement.
b.Prepare a statement of cash flows for 2015.

Question

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The Answer of The following transactions apply to the Garber Corporation for 2015,its first year in business.
1)Issued stock to investors,$48,000.
2)The company borrowed $42,000 cash from the bank.
3)Services were provided to customers and $50,000 cash was received.
4)The company acquired land for $44,000.
5)The company paid $34,000 rent for the building where it does its business.
6)The company paid $3,200 for supplies that were used during the period.
7)The company sold the land acquired in item 5 for $44,000.
8)A dividend of $1,000 was paid to the owners.
9)Repaid $20,000 of the loan described in item 2.
Required:
a.Prepare an income statement,statement of changes in equity,and balance sheet for 2015.Precede the amount with a minus sign if the transaction reduces that section of the financial statement.
b.Prepare a statement of cash flows for 2015.

The Following Transactions Apply to the Garber Corporation for 2015,its