the financial statements at the end of harp realty s first month of operations are s 636793

Harp Realty

Income Statement

For the Month Ended April 30, 2008

Fees earned

$28,200

Expenses:

Wages expense

$ (a)

Rent expense

2,880

Supplies expense

2,400

Utilities expense

1,620

Miscellaneous expense

990

Total expenses

14,340

Net income

(b)

Harp Realty

Statement of Owner’s Equity

For the Month Ended April 30, 2008

Iris Sigrist, capital, April 1, 2008

$ (c)

Investment on April 1, 2008

$ (d)

Net income for April

(e)

(f)

Less withdrawals

(g)

Increase in owner’s equity

(h)

Iris Sigrist, capital, April 30, 2008

(i)

Harp Realty

Balance Sheet

30 Apr 08

Assets

Liabilities

Cash

$17,700

Accounts payable

$1,440

Supplies

1,200

Owner’s Equity

Land

(j)

Iris Sigrist, capital

(l)

Total liabilities and

Total assets

(k)

owner’s equity

(m)

Harp Realty

Statement of Cash Flows

For the Month Ended April 30, 2008

Cash flows from operating activities:

Cash received from customers

$ (n)

Deduct cash payments for expenses and

payments to creditors

14,100

Net cash flow from operating activities

$ (o)

Cash flows from investing activities:

Cash payments for acquisition of land

(43,200)

Cash flows from financing activities:

Cash received as owner’s investment

$54,000

Deduct cash withdrawal by owner

7,200

Net cash flow from financing activities

(p)

Net cash flow and June 30, 2008, cash balance

(q)