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E4 2Module 1 Homework-Comprehensive roblem 1B 4 During 2013 Rustic Camp Sites (RCS) experienced the following transactions. 5 1. RCS acquired $132,000 cash by issuing common stock. 6 2. RCS secured a $50,000 cash loan from the government. The loan is due in 1 year and is interest free. 7 3. RCS received $116,000 cash for providing services to customers (leasing camp sites) 8 4. RCS paid $13,000 cash for salaries expense. 9 5. RCS paid a $9,000 cash dividend to the owners. 10 6. RCS purchased land for $100,000. 11 7. RCS paid $20,000 cash for operating expenses. 12 Prepare the 2013 financial statements for RCS (i.e. Income Statement, Statement of Changes in Stockholders 13 Equity, Balance Sheet, and Statement of Cash Flows) 14 During 2014 Rustic Camp Sites (RCS) experienced the following transactions. 2. RCS received $10,000 cash for providing services to customers. Prepare the 2014 financial statements for RCS 16 1. RCS paid off the $50,000 loan to the government. 18 3. RCS paid $90,000 in operating expenses 20 Version B (Student Copy) Ready
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