The following transactions pertain to Smith Training Company for Year 1: January 30 February 1 April...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following transactions pertain to Smith Training Company for Year 1: January 30 February 1 April 10 Established the business when it acquired $47,000 cash from the issue of common stock. Paid rent for office space for two years, $24,000 cash. Purchased $700 of supplies on account. Received $28,500 cash in advance for services to be provided over the next year. Paid $525 of the accounts payable from April 10. Billed a customer $9,700 for services provided during August. Completed a job and received $3,400 cash for services rendered. Paid employee salaries of $36,000 cash. Received $9,000 cash from accounts receivable. July 1 July 20 August 15 September 15 October 1 October 15 November 16 December 1 Paid a dividend of $1,200 cash to the stockholders. December 31 December 31 Recorded the rent expense for the year. (See February 1.) December 31 December 31 Billed customers $36,000 for services rendered on account. Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,400 of accrued salaries as of December 31. Physically counted supplies; $70 was on hand at the end of the period. Problem 13-33A (Algo) Part d d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign. The following transactions pertain to Smith Training Company for Year 1: January 30 February 1 April 10 Established the business when it acquired $47,000 cash from the issue of common stock. Paid rent for office space for two years, $24,000 cash. Purchased $700 of supplies on account. Received $28,500 cash in advance for services to be provided over the next year. Paid $525 of the accounts payable from April 10. Billed a customer $9,700 for services provided during August. Completed a job and received $3,400 cash for services rendered. Paid employee salaries of $36,000 cash. Received $9,000 cash from accounts receivable. July 1 July 20 August 15 September 15 October 1 October 15 November 16 December 1 Paid a dividend of $1,200 cash to the stockholders. December 31 December 31 Recorded the rent expense for the year. (See February 1.) December 31 December 31 Billed customers $36,000 for services rendered on account. Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,400 of accrued salaries as of December 31. Physically counted supplies; $70 was on hand at the end of the period. Problem 13-33A (Algo) Part d d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign.
Expert Answer:
Answer rating: 100% (QA)
Answer To prepare the financial statements for Smith Training Company for Year 1 we will follow the ... View the full answer
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
Students also viewed these accounting questions
-
TSW Inc. data for 2020 & 2019 is as follows: 2020 2019 EBITDA 9,000 EBITDA 6,600 Depreciation & amort. 680 Depreciation & amort. 530 Interest expense 310 Interest expense 200 Tax rate 40.0% Tax rate...
-
Describe the concept of 'Economies of Scale' in business and provide an example illustrating its application. Warning: Don't use chatgpt or other ai tool. If you know correct answer then attempt if...
-
What are the disadvantages of using Investment Centers in the organizational structure?
-
A square duct, 30 cm by 30 cm, is maintained at a constant temperature of 30oC and an airstream of 50oC and 1 atm is forced across it with a velocity of 6 m/s. Calculate the heat gained by the duct....
-
Jim sold two stocks during the year. The capital gain on the sale of Alpha Corp. stock was $10 000. The capital loss on the sale of Gamma Inc. stock was $8000. What is the taxable capital gain Jim...
-
For a 68 wt% Zn-32 wt% Cu alloy, make schematic sketches of the microstructure that would be observed for conditions of very slow cooling at the following temperatures: 1000C (1830F), 760C (1400F),...
-
From the following information relating to Louise Jones, prepare the income statement for the year ended 30 November 2009 and a balance sheet as at that date. Assume that relevant expense totals have...
-
Some people suggest that the most effective organizations have the strongest cultures. What do we mean by the strength of organizational culture, and what possible problems are there with a strong...
-
the claim that the days of the week are selected with a uniform distribution so that all days have the same chance of being selected. The table below shows goodness-of-fit test results from the claim...
-
Compare and contrast the following three approaches to the determination of a firm s capital structure: Page 3 of 4 ( i ) The Traditionalist Approach ( ii ) The Miller - Modigliani Approach ( without...
-
A retail outlet purchased 400 earphones at a list price of $120 less 7%, and 5%. The markup on the selling price percentage of the earphones was 40%. After selling 50% of the shipment, the rest of...
-
Explain the concept of 'organizational behaviour modification' with Example
-
Messe Jartell is a member of the Otter River Indian Tribe and lives on tribal land. Jartell was charged with statutory rape against a minor (also a tribal member). At the time of the alleged...
-
How does organizational learning connect with organizational change, and what are strategies to involve others in planning organizational change?
-
You are 28 years old. You plan to save for your retirement between now and age 65 (when you retire). You would like your savings to finance a retirement income of $65,000 per year (at the end of the...
-
This question is coming from Calculation of Consolidate Profit. How is profit of Sauce calculated. The amount $880,000 seems to be incorrect
-
You are planning to purchase your first home five years from today. The required down payment will be $50,000. You currently have $20,000. but you plan to contribute $500 each quarter to a special...
-
Brandon Company produces and sells a product that has variable costs of $9 per unit and fixed costs of $110,000 per year. 1. Compute the unit cost at a production and sales level of 10,000 units per...
-
Evaluating performance, decision by decision, is costly. Aggregate measures, like the income statement, are frequently used. How might the wide use of income statements affect managers decisions...
-
An administrator at Riverview Hospital is considering how to use some space made available when the outpatient clinic moved to a new building. She has narrowed her choices as follows: a. Use the...
Study smarter with the SolutionInn App