analyzing transactions results advertising inc entered into the following transactio 516986

Analyzing transactions. Results Advertising Inc. entered into the following transactions during 2008: (LO 3)

1. Results Advertising Inc. started as a corporation with a $6,500 cash contribution from the owners in exchange for common stock.

2. Sales on account amounted to $4,100.

3. Cash collections of accounts receivable amounted to $3,900.

4. On October1 , 2008, the company paid $1,800i n advance for an insurance policy. The policy does not go into effect until 2009.

Required

Put each of the transactions in an accounting equation worksheet. Then, answer the following questions:

a. What is the amount of cash flow from operating activities for 2008?

b. What amount of total liabilities would appear on the Results Advertising December 31,2008, balance sheet?

c. What is the amount of contributed capital as of December 31, 2008?

d. What amount of net income would appear on the income statement for the year ended December 31, 2008?