Ruth & Associates
Income Statement
For the Year Ended December 31, 2010
Revenue
Consulting Revenue
100000
Interest Revenue
4000
Total Revenue
104000
Expenses
Salary Expense
47000
Interest Expense
5000
Total Expenses
52000
Net Income
52000
Ruth & Associates
Statement of Changes in Stockholders’ Equity
For the Year Ended December 31, 2010
Beginning Common Stock
25000
Plus: Common Stock Issued
15000
Ending Common Stock
40000
Beginning Retained Earnings
18000
Plus: Net Income
52000
Less: Dividends
10000
Ending Retained Earnings
60000
Total Stockholders’ Equity
100000
Ruth & Associates
Balance Sheet
As of the December 31, 2010
Assets
Cash
52000
Accounts Receivable
26000
Supplies
3000
Prepaid Rent
5000
Land
63000
Total Assets
149000
Liabilities
Interest Payable
2000
Salaries Payable
7000
Unearned Revenue
8000
Notes Payable
32000
Total Liabilities
49000
Stockholders’ Equity
Common Stock
40000
Retained Earnings
60000
Total Stockholders’ Equity
100000
Total Liab. and Stockholders’ Equity
149000
Ruth & Associates
Statement of Cash Flows
For the Year Ended December 31, 2010
Cash Flow From Operating Activities
52000
Cash Flow From Investing Activities
-30000
Cash Flow From Financing Activities
20000
Net Change in Cash Plus:
42000
Beginning Cash Balance
10000
Ending Cash Balance
52000
Ending Cash Balance
52000
Net Change in Cash
42000
= Beginning Cash Balance
10000
Ruth & Associates
Income Statement
For the Year Ended December 31, 2010
Revenue
Consulting Revenue
100000
Interest Revenue
4000
Total Revenue
104000
Expenses
Salary Expense
47000
Interest Expense
5000
Total Expenses
52000
Net Income
52000
Ruth & Associates
Statement of Changes in Stockholders’ Equity
For the Year Ended December 31, 2010
Beginning Common Stock
25000
Plus: Common Stock Issued
15000
Ending Common Stock
40000
Beginning Retained Earnings
18000
Plus: Net Income
52000
Less: Dividends
10000
Ending Retained Earnings
60000
Total Stockholders’ Equity
100000
Ruth & Associates
Balance Sheet
As of the December 31, 2010
Assets
Cash
52000
Accounts Receivable
26000
Supplies
3000
Prepaid Rent
5000
Land
63000
Total Assets
149000
Liabilities
Interest Payable
2000
Salaries Payable
7000
Unearned Revenue
8000
Notes Payable
32000
Total Liabilities
49000
Stockholders’ Equity
Common Stock
40000
Retained Earnings
60000
Total Stockholders’ Equity
100000
Total Liab. and Stockholders’ Equity
149000
Ruth & Associates
Statement of Cash Flows
For the Year Ended December 31, 2010
Cash Flow From Operating Activities
52000
Cash Flow From Investing Activities
-30000
Cash Flow From Financing Activities
20000
Net Change in Cash Plus:
42000
Beginning Cash Balance
10000
Ending Cash Balance
52000
Ending Cash Balance
52000
Net Change in Cash
42000
= Beginning Cash Balance
10000
Solution
Ruth & Associates
Income Statement
For the Year Ended December 31, 2010
Revenue
Consulting Revenue
100000
Interest Revenue
4000
Total Revenue
104000
Expenses
Salary Expense
47000
Interest Expense
5000
Total Expenses
52000
Net Income
5200.
Introduction to ArtificiaI Intelligence in Higher Education
Ruth & Associates financial reports 2010
1. Ruth & Associates
Income Statement
For the Year Ended December 31, 2010
Revenue
Consulting Revenue
100000
Interest Revenue
4000
Total Revenue
104000
Expenses
Salary Expense
47000
Interest Expense
5000
Total Expenses
52000
Net Income
52000
Ruth & Associates
Statement of Changes in Stockholders’ Equity
For the Year Ended December 31, 2010
Beginning Common Stock
25000
Plus: Common Stock Issued
15000
Ending Common Stock
40000
Beginning Retained Earnings
18000
Plus: Net Income
52000
Less: Dividends
10000
Ending Retained Earnings
2. 60000
Total Stockholders’ Equity
100000
Ruth & Associates
Balance Sheet
As of the December 31, 2010
Assets
Cash
52000
Accounts Receivable
26000
Supplies
3000
Prepaid Rent
5000
Land
63000
Total Assets
149000
Liabilities
Interest Payable
2000
Salaries Payable
7000
Unearned Revenue
8000
Notes Payable
32000
Total Liabilities
49000
Stockholders’ Equity
Common Stock
40000
Retained Earnings
60000
Total Stockholders’ Equity
3. 100000
Total Liab. and Stockholders’ Equity
149000
Ruth & Associates
Statement of Cash Flows
For the Year Ended December 31, 2010
Cash Flow From Operating Activities
52000
Cash Flow From Investing Activities
-30000
Cash Flow From Financing Activities
20000
Net Change in Cash Plus:
42000
Beginning Cash Balance
10000
Ending Cash Balance
52000
Ending Cash Balance
52000
Net Change in Cash
42000
= Beginning Cash Balance
10000
Ruth & Associates
Income Statement
For the Year Ended December 31, 2010
Revenue
Consulting Revenue
100000
Interest Revenue
4000
Total Revenue
104000
Expenses
Salary Expense
4. 47000
Interest Expense
5000
Total Expenses
52000
Net Income
52000
Ruth & Associates
Statement of Changes in Stockholders’ Equity
For the Year Ended December 31, 2010
Beginning Common Stock
25000
Plus: Common Stock Issued
15000
Ending Common Stock
40000
Beginning Retained Earnings
18000
Plus: Net Income
52000
Less: Dividends
10000
Ending Retained Earnings
60000
Total Stockholders’ Equity
100000
Ruth & Associates
Balance Sheet
As of the December 31, 2010
Assets
Cash
52000
Accounts Receivable
26000
Supplies
3000
5. Prepaid Rent
5000
Land
63000
Total Assets
149000
Liabilities
Interest Payable
2000
Salaries Payable
7000
Unearned Revenue
8000
Notes Payable
32000
Total Liabilities
49000
Stockholders’ Equity
Common Stock
40000
Retained Earnings
60000
Total Stockholders’ Equity
100000
Total Liab. and Stockholders’ Equity
149000
Ruth & Associates
Statement of Cash Flows
For the Year Ended December 31, 2010
Cash Flow From Operating Activities
52000
Cash Flow From Investing Activities
-30000
Cash Flow From Financing Activities
20000
Net Change in Cash Plus:
6. 42000
Beginning Cash Balance
10000
Ending Cash Balance
52000
Ending Cash Balance
52000
Net Change in Cash
42000
= Beginning Cash Balance
10000
Solution
Ruth & Associates
Income Statement
For the Year Ended December 31, 2010
Revenue
Consulting Revenue
100000
Interest Revenue
4000
Total Revenue
104000
Expenses
Salary Expense
47000
Interest Expense
5000
Total Expenses
52000
Net Income
52000
Ruth & Associates
Statement of Changes in Stockholders’ Equity
For the Year Ended December 31, 2010
7. Beginning Common Stock
25000
Plus: Common Stock Issued
15000
Ending Common Stock
40000
Beginning Retained Earnings
18000
Plus: Net Income
52000
Less: Dividends
10000
Ending Retained Earnings
60000
Total Stockholders’ Equity
100000
Ruth & Associates
Balance Sheet
As of the December 31, 2010
Assets
Cash
52000
Accounts Receivable
26000
Supplies
3000
Prepaid Rent
5000
Land
63000
Total Assets
149000
Liabilities
Interest Payable
2000
Salaries Payable
8. 7000
Unearned Revenue
8000
Notes Payable
32000
Total Liabilities
49000
Stockholders’ Equity
Common Stock
40000
Retained Earnings
60000
Total Stockholders’ Equity
100000
Total Liab. and Stockholders’ Equity
149000
Ruth & Associates
Statement of Cash Flows
For the Year Ended December 31, 2010
Cash Flow From Operating Activities
52000
Cash Flow From Investing Activities
-30000
Cash Flow From Financing Activities
20000
Net Change in Cash Plus:
42000
Beginning Cash Balance
10000
Ending Cash Balance
52000
Ending Cash Balance
52000
Net Change in Cash
42000
= Beginning Cash Balance
9. 10000
Ruth & Associates
Income Statement
For the Year Ended December 31, 2010
Revenue
Consulting Revenue
100000
Interest Revenue
4000
Total Revenue
104000
Expenses
Salary Expense
47000
Interest Expense
5000
Total Expenses
52000
Net Income
52000
Ruth & Associates
Statement of Changes in Stockholders’ Equity
For the Year Ended December 31, 2010
Beginning Common Stock
25000
Plus: Common Stock Issued
15000
Ending Common Stock
40000
Beginning Retained Earnings
18000
Plus: Net Income
52000
Less: Dividends
10000
Ending Retained Earnings
10. 60000
Total Stockholders’ Equity
100000
Ruth & Associates
Balance Sheet
As of the December 31, 2010
Assets
Cash
52000
Accounts Receivable
26000
Supplies
3000
Prepaid Rent
5000
Land
63000
Total Assets
149000
Liabilities
Interest Payable
2000
Salaries Payable
7000
Unearned Revenue
8000
Notes Payable
32000
Total Liabilities
49000
Stockholders’ Equity
Common Stock
40000
Retained Earnings
60000
Total Stockholders’ Equity
11. 100000
Total Liab. and Stockholders’ Equity
149000
Ruth & Associates
Statement of Cash Flows
For the Year Ended December 31, 2010
Cash Flow From Operating Activities
52000
Cash Flow From Investing Activities
-30000
Cash Flow From Financing Activities
20000
Net Change in Cash Plus:
42000
Beginning Cash Balance
10000
Ending Cash Balance
52000
Ending Cash Balance
52000
Net Change in Cash
42000
= Beginning Cash Balance
10000