Required information The folowing information applies to the questions displayed

Question

Required information The folowing information applies to the questions displayed below Assume you are the president of High Power Corporetion. At the end of the fist yeer of operations (December St, the following financial data for the company are available 32, 500 10,150 13,700 59,490 1,990 83,000 1,340 58.800 7,890 87,600 Accounts Payable Accounts Receivable Common Stock Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies 2-s. By how much did cosh incresse (decreose)? 2-b. Which financial statement would report the business activities responsible for the change in cesh? Income Statement Statement of Retained Eanings Balence Sheet Statement of Cesh Flows

Explanation / Answer

Solution:

Answer for 2.(a) :

From the given information, The High Power corporation was founded at the beginning of the year. So this corporation is begin with no cash. The balance sheet reports a cash balance of $13700 at the end of the year. This is the reason for $13700 increased.

Answer for 2.(b): The correct answer is Balance sheet.

  Balance sheet is the responsiable for the change in cash.

Increase in cash $13700

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