Blue Hen Company started their operations Jan. 1, 2010. Blue Hen Company prepares annual financial s

Blue Hen Company started their operations Jan. 1, 2010. Blue Hen Company prepares annual financial statements everyDecember 31. On December 31, 2011 Blue Hen Company prepared the following Balance Sheet:AssetsCash 5,000Accounts Receivable 1000Equipment (less 100 AD) 900LiabilitiesAccounts Payable 1500EquityCommon Stock 2000Retained Earnings 3,400Other Information:• The Equipment has a 10 year life and No salvage value.Transactions for 2012:• July 1 – Issued common stock for $1,500.• November 1 – Earned $1,000 on account for providing services to customers• December 1 – Incurred $3000 in Operating Expenses on account.• December 1 – Collected $500 cash from customers as payment on account• Purchased Land for $2,000 cash.• December 15 – Declared and paid a $50 dividend.• Assume that Blue Hen pays no taxes.• Remember to record depreciation for 20121. What was net income (loss) for 2012?2. Blue Hen Company prepared financial statements on Dec. 31, 2012. What should Blue Hen report for total Stockholder’s Equityon the December 31, 2012 balance sheet?3. Blue Hen Company prepared financial statements on Dec. 31, 2012. What should Blue Hen report for net cash flow from operatingactivities?4. Blue Hen Company prepared financial statements on Dec. 31, 2012. What should Blue Hen report for net cash flow from investingactivities?5.Blue Hen Company prepared financial statements on Dec. 31, 2012. What should Blue Hen report for net cash flow from financingactivities?6. What were Blue Hen’s combined earnings (i.e. Net Income) for 2010 and 2011? No dividends were declared during 2010. And a$200 dividend was declared and paid in 2011.___________________________________________________________________________________________________________________________________During 2014 Jen Co. had reported $130,000 cash inflow from operations and a $55,000 cash outflow for operating expenses. Jen Co. had accounts payable of $20,000 on Jan. 1, 2014 and $10,000 on December 31, 2014. What would Jen Co. report for Net income on an accrual basis?

 

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