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Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements

NetSolutionsIncome Statement

For the Month Ended November 30, 2006

Fees earned $7,500Operating expenses: Wages expense $2,125 Rent expense 800 Supplies expense 800 Utilities expense 450 Miscellaneous expense 275 Total operating expenses 4,450Net income $3,050

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NetSolutionsStatement of Owner’s Equity



Chris Clark, capital, November 1, 2006 $ 0Investment on November 1, 2006 $15,000Net income for November 3,050 $18,050Less withdrawals 2,000Increase in owner’s equity 16,050Chris Clark, capital, November 30, 2006 $16,050

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NetSolutionsBalance Sheet

November 30, 2006

AssetsCash $5,900Supplies 550Land 10,000 Total assets $16,450

LiabilitiesAccounts payable $ 400

Owner’s EquityChris Clark, capital 16,050 Total liabilities and owner’s equity $16,450


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NetSolutionsStatement of Cash Flows


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 $ 2,900Cash flows from investing activities: Cash payments for acquisition of land (10,000Cash 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 13,000Net cash flow and Nov. 30, 2006 cash balance $5,900

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pengantar akuntansi 1

Business