Task: Balance Sheet Assistance
Financial information related to Kate's Interiors for May and June of 2011 is as follows:
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May 31, 2011
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June 30, 2011
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Notes Payable
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$200,000
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$250,000
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Land
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$500,000
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$575,000
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Capital Stock
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$75,000
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$90,000
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Retained Earnings
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?
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?
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Cash
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$100,000
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$175,000
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a. Prepare balance sheets for Kate's Interiors as of May 31 and June 30th
b. Determine the amount of net income for June, assuming that dividends of $35,000 were paid
c. Determine the net cash flows from operating activities
d. Determine the net cash flows from financing activities
e. Determine the net increase or decrease in cash