Crazy Creek Realty, Inc., organized October 1, 2007, is operated by Jane Eckhart. How many errors can you find in the following financial statements for Crazy Creek Realty, Inc., prepared after its first month of operation?Jane EckhartRetained Earnings StatementOctober 31, 2006Net income for the month ………. $41,250Retained earnings, October 31, 2007 ….. $41,250Crazy Creek Realty, Inc.Statement of Cash FlowsOctober 31, 2007Cash flows from operating activities:Cash receipts from sales commissions ……… $ 92,200Cash flows from investing activities:Cash payments for land …………… (40,400)Cash flows from financing activities:Cash receipts from retained earnings ………. 81,250Net increase in cash during October ……… $133,050Cash as of October 1, 2007 …………. 0Cash as of October 31, 2007………… $133,050
View Solution:
Crazy Creek Realty Inc organized October 1 2007 is operated

"Get 15% discount on your first 3 orders with us"
Use the following coupon
"FIRST15"

Order Now