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P Quiz 9A The Financial Statements - Personal - Microsoft Edge
ACCT250v9 2023-2024
Haris Khan
04/23/24 3:03 AM
InIs question: 1 point(s) possible
Assume Ciliotta Inc. ended the month of July 2020 with the following data
(i) (Click the icon to view the financial data.) (i) (Click the icon to view the income statement.)
(i) (Click the icon to view the statement of retained earnings.) (i) (Click the icon to view the balance sheet.)
Requirement
Prepare the statement of cash flows of the company for the month ended July 31, 2020. Also, explain the relationship among income statement, statement of retained earnings, balance sheet, and statement of cash flows.

qquad parentheses or a minus sign when entering cash outflows. For accounts with a
$0 balance, make sure to enter " 0 " in the appropriate column.)
Balance Sheet
Statement of Retained Earnings

Ciliotta Inc.

Statement of Retained Earnings

For the Month Ended July 31, 2020

Retained earnings, July 1, 2020

$

Add: Net income for the month
7,851

Less: Dividends

(2,400)

Retained earnings, July 31, 2020
5,451

Print
Done
Print
Done

◻ comes directly from the
◻
Ending retained earnings on the
◻ comes directly from the
◻
Ending cash on the
◻ is reported on the
◻

P Quiz $9$ A The Financial Statements - Personal - Microsoft Edge $\newline$ ACCT $250$ v $9$ $2023$ $-2024$ $\newline$ Haris Khan $\newline$ $04$ / $23$ / $24$ $3$ : $03$ AM $\newline$ InIs question: $1$ point(s) possible $\newline$ Assume Ciliotta Inc. ended the month of July $2020$ with the following data $\newline$ (i) (Click the icon to view the financial data.) (i) (Click the icon to view the income statement.) $\newline$ (i) (Click the icon to view the statement of retained earnings.) (i) (Click the icon to view the balance sheet.) $\newline$ Requirement $\newline$ Prepare the statement of cash flows of the company for the month ended July $31$ , $2020$ . Also, explain the relationship among income statement, statement of retained earnings, balance sheet, and statement of cash flows. $\newline$ $\qquad$ parentheses or a minus sign when entering cash outflows. For accounts with a $\$ 0$ balance, make sure to enter

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Interpret parts of quadratic expressions: word problems

Full solution

Q. P Quiz

9

A The Financial Statements - Personal - Microsoft Edge

\newline

ACCT

250

v

9

2023

-2024

\newline

Haris Khan

\newline

04

/

23

/

24

3

:

03

AM

\newline

InIs question:

1

point(s) possible

\newline

Assume Ciliotta Inc. ended the month of July

2020

with the following data

\newline

(i) (Click the icon to view the financial data.) (i) (Click the icon to view the income statement.)

\newline

(i) (Click the icon to view the statement of retained earnings.) (i) (Click the icon to view the balance sheet.)

\newline

Requirement

\newline

Prepare the statement of cash flows of the company for the month ended July

31

,

2020

. Also, explain the relationship among income statement, statement of retained earnings, balance sheet, and statement of cash flows.

\newline

\qquad

parentheses or a minus sign when entering cash outflows. For accounts with a

\$ 0

balance, make sure to enter

Calculate Ending Cash Balance: Calculate the ending cash balance using the statement of retained earnings and additional data provided. $\newline$ - Retained earnings at the beginning of the month: $\$0$ (assumed as not provided) $\newline$ - Net income for the month: $\$7,851$ $\newline$ - Dividends paid: $\$2,400$ $\newline$ - Retained earnings at the end of the month: $\$5,451$ $\newline$ Calculation: $\$0 + \$7,851 - \$2,400 = \$5,451$
Prepare Cash Flow Statement: Prepare the statement of cash flows. $\newline$ - Operating Activities: Net income added back to cash. $\newline$ - Investing Activities: No data provided, assume $\$0$ . $\newline$ - Financing Activities: Dividends paid are a cash outflow. $\newline$ Calculation: Net cash from operating activities = $\$7,851$ , Net cash used in investing activities = $\$0$ , Net cash used in financing activities = - $\$2,400$ $\newline$ Total cash flow = $\$7,851 + \$0 - \$2,400 = \$5,451$
Explain Financial Statements Relationship: Explain the relationship among the financial statements. $\newline$ - The income statement provides the net income, which is used in the statement of retained earnings. $\newline$ - The statement of retained earnings calculates the ending retained earnings, which is part of the equity section in the balance sheet. $\newline$ - The statement of cash flows uses information from all these statements to show the cash inflows and outflows.

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