The financial statements at the end of Gallia Consulting Inc.’s first month of operations are shown…

The financial statements at the end of Gallia Consulting Inc.’s first month of operations are shown below. By analyzing the interrelationships between the financial statements, fill in the proper amounts for (a) through (t). Gallia Consulting Inc.

Income Statement

For the Month Ended June 30, 2004

Fees earned

 

$ (a)

Operating expenses:

 

 

Wages expense

$4,500

 

Rent expense

2,800

 

Utilities expense

1,900

 

Interest expense

200

 

Miscellaneous expenses

600

 

Total operating expenses

 

10,000

Net income

 

$ (b)

  Gallia Consulting Inc.

Retained Earnings Statement

For the Month Ended June 30, 2004

Retained earnings, June 1, 2004

 

$

(c)

Net income for June

$ (d)

 

 

Less dividends

(e)

 

(f)

Retained earnings, June 30, 2004

 

$

(g)

  Gallia Consulting Inc.

Balance Sheet

June 30, 2004

Assets

 

 

Cash

 

$ (h)

Land 

 

18,000

Total assets

 

$46,500

Liabilities

 

 

Notes payable

 

$15,000

Stockholders’ Equity

 

 

Capital stock

$25,000

 

Retained earnings .

(i)

(j)

Total liabilities and stockholders’ equity

 

$ (k)

  Gallia Consulting Inc.

Statement of Cash Flows

For the Month Ended June 30, 2004

Cash flows from operating activities:

 

 

Cash received from customers 

 

$ (l)

Deduct cash payments for expenses

 

(m)

Net cash flows from operating activities

 

$ 8,500

Cash flows from investing activities:

 

 

Cash payment for purchase of land 

 

$(18,000)

Cash flows from financing activities:

 

 

Cash received from sale of capital stock 

$ (n)

 

Cash received from notes payable

(o)

$ (p)

Deduct cash dividends

 

2,000

Net cash flows from financing activities 

 

(q)

Net increase in cash

 

$ (r)

June 1, 2004 cash balance

 

(s)

June 30, 2004 cash balance

 

$ (t)

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