ACC 1101 Principles of Accounting
Mr. Badin Rittiboonchai

Assignment 1
By Ms.Artitaya Pantuleng
ID : 5553500090
IIS-RU, 2nd semester, 2015

E1-10 Page 27 * Determine Flint Hills Park’s net income for 2014.

Flint Hills Park.
Income Statement
For the year end December 31, 2014
Revenues
Service revenue $132,000 Sales revenue 25,000 Total revenue $157,000
Expenses
Expenses during 2014 $126,000 Total Expenses $126,000 Net Income $31,000 # Answer

(b) Prepare a retained earnings statement and a balance sheet for Flint Hills Park as of December 31, 2014.

Flint Hills Park.
Retained Earnings Statement
For the year end December 31, 2014
Retained earning, Dec 31 $5,000 Add : Net Income $31,000 $36,000 Less : Dividends $9,000
Retained earnings, Dec 31 $ 27,000 # Answer

Flint Hills Park.
Balance Sheet
December 31, 2014

Assets Cash $8,500 Supplies $5,500 Equipment $114,000 Total assets $128,000 # Answer
Liabilities and Stock holders’ Equity
Liabilities
Notes payable $50,000 Accounts payable $11,000 Total Liabilities $61,000
SE
Common stock $40,000 Retained earnings $27,000 Total SE $67,000

Total Liabilities & SE $128,000 # Answer

(c)

E1-13 Page 28 * After analyzing the data, prepare a statement of cash flows for Southwest Airlines for the year ended December31, 2014.

Southwest Airlines
Statement of Cash Flows
For the Year Ended December 31, 2014
Cash flows from operating activities Cash received from customer $9,823 Cash received from issuance of long-term debt 500 Cash paid for repurchased of common stock (1,001) Cash paid for repayment of debt (122) Cash paid for goods and services (6,978)