1. Financial Statements
NetSolutions
Income Statement
For the Month Ended November 30, 2006
Fees earned $7,500
Operating expenses:
Wages expense $2,125
Rent expense 800
Supplies expense 800
Utilities expense 450
Miscellaneous expense 275
Total operating expenses 4,450
Net income $3,050
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2. Financial Statements
NetSolutions
Income Statement
For the Month Ended November 30, 2006
Fees earned $7,500
Operating expenses:
Wages expense $2,125
Rent expense 800
Supplies expense 800
Utilities expense 450
Miscellaneous expense 275
Total operating expenses 4,450
Net income $3,050
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3. Financial Statements
NetSolutions
Income Statement
For the Month Ended November 30, 2006
Fees earned $7,500
Operating expenses:
Wages expense $2,125
Rent expense 800
Supplies expense 800
Utilities expense 450
Miscellaneous expense 275
Total operating expenses 4,450
Net income $3,050
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4. Financial Statements
NetSolutions
Income Statement
For the Month Ended November 30, 2006
Fees earned $7,500
Operating expenses:
Wages expense $2,125
Rent expense 800
Supplies expense 800
Utilities expense 450
Miscellaneous expense 275
Total operating expenses 4,450
Net income $3,050
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5. Financial Statements
NetSolutions
Statement of Owner’s Equity
For the Month Ended November 30, 2006
Chris Clark, capital, November 1, 2006 $ 0
Investment on November 1, 2006 $15,000
Net income for November 3,050
$18,050
Less withdrawals 2,000
Increase in owner’s equity 16,050
Chris Clark, capital, November 30, 2006 $16,050
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6. Financial Statements
NetSolutions
Statement of Owner’s Equity
For the Month Ended November 30, 2006
Chris Clark, capital, November 1, 2006 $ 0
Investment on November 1, 2006 $15,000
Net income for November 3,050
$18,050
Less withdrawals 2,000
Increase in owner’s equity 16,050
Chris Clark, capital, November 30, 2006 $16,050
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7. Financial Statements
NetSolutions
Statement of Owner’s Equity
For the Month Ended November 30, 2006
Chris Clark, capital, November 1, 2006 $ 0
Investment on November 1, 2006 $15,000
Net income for November 3,050
$18,050
Less withdrawals 2,000
Increase in owner’s equity 16,050
Chris Clark, capital, November 30, 2006 $16,050
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8. Financial Statements
NetSolutions
Statement of Owner’s Equity
For the Month Ended November 30, 2006
Chris Clark, capital, November 1, 2006 $ 0
Investment on November 1, 2006 $15,000
Net income for November 3,050
$18,050
Less withdrawals 2,000
Increase in owner’s equity 16,050
Chris Clark, capital, November 30, 2006 $16,050
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9. Financial Statements
NetSolutions
Statement of Owner’s Equity
For the Month Ended November 30, 2006
Chris Clark, capital, November 1, 2006 $ 0
Investment on November 1, 2006 $15,000
Net income for November 3,050
$18,050
Less withdrawals 2,000
Increase in owner’s equity 16,050
Chris Clark, capital, November 30, 2006 $16,050
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10. Financial Statements
NetSolutions
Balance Sheet
November 30, 2006
Assets
Cash $5,900
Supplies 550
Land 10,000
Total assets $16,450
Liabilities
Accounts payable $ 400
Owner’s Equity
Chris Clark, capital 16,050
Total liabilities and
owner’s equity $16,450
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11. Financial Statements
NetSolutions
Balance Sheet
November 30, 2006
Assets
Cash $5,900
Supplies 550
Land 10,000
Total assets $16,450
Liabilities
Accounts payable $ 400
Owner’s Equity
Chris Clark, capital 16,050
Total liabilities and
owner’s equity $16,450
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12. Financial Statements
NetSolutions
Balance Sheet
November 30, 2006
Assets
Cash $5,900
Supplies 550
Land 10,000
Total assets $16,450
Liabilities
Accounts payable $ 400
Owner’s Equity
Chris Clark, capital 16,050
Total liabilities and
owner’s equity $16,450
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13. Financial Statements
NetSolutions
Balance Sheet
November 30, 2006
Assets
Cash $5,900
Supplies 550
Land 10,000
Total assets $16,450
Liabilities
Accounts payable $ 400
Owner’s Equity
Chris Clark, capital 16,050
Total liabilities and
owner’s equity $16,450
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14. Financial Statements
NetSolutions
Statement of Cash Flows
For the Month Ended November 30, 2006
Cash flows from operating activities:
Cash received from customers $ 7,500
Deduct cash payments for expenses
and payments to creditors 4,600
Net cash flow from operating activities $ 2,900
Cash flows from investing activities:
Cash payments for acquisition of land (10,000 )
Cash flows from financing activities:
Cash received as owner’s investment $15,000
Deduct cash withdrawal by owner 2,000
Net cash flow from financing activities 13,000
Net cash flow and Nov. 30, 2006 cash balance $5,900
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15. Financial Statements
NetSolutions
Statement of Cash Flows
For the Month Ended November 30, 2006
Cash flows from operating activities:
Cash received from customers $ 7,500
Deduct cash payments for expenses
and payments to creditors 4,600
Net cash flow from operating activities $ 2,900
Cash flows from investing activities:
Cash payments for acquisition of land (10,000 )
Cash flows from financing activities:
Cash received as owner’s investment $15,000
Deduct cash withdrawal by owner 2,000
Net cash flow from financing activities 13,000
Net cash flow and Nov. 30, 2006 cash balance $5,900
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16. Financial Statements
NetSolutions
Statement of Cash Flows
For the Month Ended November 30, 2006
Cash flows from operating activities:
Cash received from customers $ 7,500
Deduct cash payments for expenses
and payments to creditors 4,600
Net cash flow from operating activities $ 2,900
Cash flows from investing activities:
Cash payments for acquisition of land (10,000 )
Cash flows from financing activities:
Cash received as owner’s investment $15,000
Deduct cash withdrawal by owner 2,000
Net cash flow from financing activities 13,000
Net cash flow and Nov. 30, 2006 cash balance $5,900
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17. Financial Statements
NetSolutions
Statement of Cash Flows
For the Month Ended November 30, 2006
Cash flows from operating activities:
Cash received from customers $ 7,500
Deduct cash payments for expenses
and payments to creditors 4,600
Net cash flow from operating activities $ 2,900
Cash flows from investing activities:
Cash payments for acquisition of land (10,000 )
Cash flows from financing activities:
Cash received as owner’s investment $15,000
Deduct cash withdrawal by owner 2,000
Net cash flow from financing activities 13,000
Net cash flow and Nov. 30, 2006 cash balance $5,900
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