254) From the information given below, prepare a November income statement, a November statement of owner's equity, and a November 30 balance sheet. On November 1 of the current year, Victoria Garza began Garza Décor with an initial investment of $50,000 cash. On November 30, her records showed the following (alphabetically arranged) items and amounts.
| Accounts payable……………. | $12,000 | Office furnishings……….. | $40,000 |
| Accounts receivable………. | 19,000 | Owner's withdrawals……. | 6,000 |
| Cash……………………… | 21,200 | Rent expense…………… | 9,600 |
| Fees earned………………. | 34,000 | Salaries expense………. | 4,200 |
| Notes payable………………… | 4,250 | Telephone expense……. | 250 |
255) Data for Kennedy Realty are as follows:
| Total assets at January 1 | $100,000 | |
| Total liabilities at January 1 | 35,000 | |
| Total revenues for the year | 79,000 | |
| Total expenses for the year | 47,000 | |
256) Jet Styling has the following beginning cash balance and cash transactions for the month of January. Using this information prepare a statement of cash flows.
| a. | Beginning cash balance…………….. | $ 3,200 |
| b. | Cash investment by owner………….. | 15,000 |
| c. | Cash payment toward long-term loan | 1,000 |
| d. | Cash payment of rent……………….. | 1,800 |
| e. | Purchased equipment for cash…….. | 7,500 |
| f. | Purchased store supplies for cash… | 1,500 |
| g. | Cash collected from customers……. | 7,750 |
| h. | Cash withdrawal by owner………….. | 2,000 |
| i. | Cash payment of wages……………. | 4,000 |