WEEK THREE LEARNING TEAM B ASSIGNMENT
PROBLEM 1-30A
OSHEA ENTERPRISES
INCOME STATEMENT
AT DECEMBER 31, 2002
REVENUE $48,000.00
OPERATING EXPENSES 32,000.00
NET INCOME (change in Net Assets) $16,000.00
OSHEA ENTERPRISES
STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY
AT DECEMBER 31, 2002
BEGINNING COMMON STOCK 4,000.00
PLUS: COMMON STOCK ISSUED 10,000.00
ENDING COMMON STOCK $14,000.00
BEGINNING RETAINED EARNINGS 8,000.00
PLUS: NET INCOME 16,000.00
LESS: DIVIDENDS (2,000.00)
ENDING RETAINED EARNINGS 22,000.00
TOTAL STOCKHOLDERS EQUITY $36,000.00
OSHEA ENTERPRISES
BALANCE SHEET
AT DECEMBER 31, 2002
ASSETS
CASH $48,000.00
LAND
TOTAL ASSETS $48,000.00
LIABILITIES
NOTES PAYABLE $12,000.00
STOCKHOLDERS EQUITY
COMMON STOCK $14,000.00
RETAINED EARNINGS 22,000.00
TOTAL STOCKHOLDERS EQUITY 36,000.00
TOTAL LIABILITY AND STOCKHOLDERS EQUITY $48,000.00
OSHEA ENTERPRISES
STATEMENT OF CASH FLOWS
AT DECEMBER 31, 2002
CASH FLOWS FROM OPERATING ACTIVITIES:
CASH RECEIPTS FROM REVENUE $48,000.00
CASH PAYMENTS FOR EXPENSES (32,000.00)
NET CASH FLOW FROM OPERATING EXPENSES $16,000.00
CASH FLOWS FOR INVESTING ACTIVITIES:
CASH PAYMENTS TO PURCHASE LAND
CASH FLOWS FROM FINANCING ACTIVITIES:
CASH RECEIPTS FROM ISSUING COMMON STOCK 10,000.00
CASH PAYMENTS FOR DIVIDENDS (2,000.00)
CASH PAYMENTS TO REDUCE LIABILITY (6,000.00)
NET CASH…