Preparation of income statement and deriving operating cash flows.
Waldorf, Co. had the following transactions during the month of August, 2006:
* Cash received from bank loans was $15,000.
* Dividends of $7,500 were paid to stockholders in cash.
* Revenues earned and received in cash amounted to $28,500
* Expenses incurred and paid were $21,000
What amount of net income will be reported on an income statement for the month of August, 2006?
At the beginning of August, 2006, owners' equity in Waldorf. was $180,000. Given the transactions of August, 2006, what will owners' equity be at the end of the month?
For the month of August, 2006, net cash flows from operating activities for Waldorf were?