QUARTZ CORPORATION
Balance Sheet
December 31, 20X9
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Assets
Cash $192,000
Accounts receivable 248,000
Land 450,000
Other assets 10,000
Total assets $900,000
Liabilities
Salaries payable $ 34,000
Accounts payable 166,000
Total liabilities $200,000
Stockholders’ equity
Capital stock $220,000
Retained earnings 480,000
Total stockholders’ equity 700,000
Total
liabilities and equity $900,000
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QUARTZ CORPORATION
Income Statement
For the Year Ending December
31, 20X9
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Revenues
Services to customers $750,000
Interest revenue 15,000
Total revenues $765,000
Expenses
Salaries $235,000
Rent 115,000
Other operating expenses 300,000
Total expenses 650,000
Net income $115,000
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QUARTZ CORPORATION
Statement of Retained Earnings
For the Year Ending December 31, 20X9
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Retained earnings - January
1, 20X9 $400,000
Plus: Net income 115,000
$515,000
Less: Dividends 35,000
Retained earnings - December
31, 20X9 $480,000
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QUARTZ CORPORATION
Statement of Cash
Flows
For the Year Ending December 31, 20X9
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Operating activities
Cash received from customers $ 720,000
Cash received for interest 15,000
Cash paid for salaries (240,000)
Cash paid for rent (115,000)
Cash paid for other items (300,000)
Cash provided by operating activities $ 80,000
Investing activities
Purchase of land (250,000)
Financing activities
Payment of dividends (35,000)
Decrease in cash $(205,000)
Cash, January 1 397,000
Cash, December 31 $
192,000
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