The following list of accounts was prepared for Tile, Etc., Incorporated on December 31, Year 2,...

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The following list of accounts was prepared for Tile, Etc., Incorporated on December 31, Year 2, after all account adjustments had been made: Account Title Cash Accounts receivable $205,000 144,000 Allowance for doubtful accounts 27,500 Inventory 463,000 Accounts payable 114,000 Common stock 545,000 Retained earnings 125,500 Tile, Etc. had the following transactions in Year 3 1. Purchased merchandise on account for $675,000. 2. Sold merchandise that cost $515,000 for $1,080,000 on account 3. Sold for $340,000 cash merchandise that had cost $198,000. 4. Sold merchandise for $285,000 to credit card customers. The merchandise had cost $134,000. The credit card company charges a 3 percent fee. 5. Collected $810,000 cash from accounts receivable. 6. Paid $705,000 cash on accounts payable 7. Paid $164,000 cash for selling and administrative expenses. 8. Collected cash for the full amount due from the credit card company (see item 4). 9. Loaned $69,000 to J. Parks. The note had an 6 percent interest rate and a one-year term to maturity. 10. Wrote off $9,400 of accounts as uncollectible 11. Made the following adjusting entries: (e) Recorded uncollectible accounts expense estimated at 1 percent of sales on account. (b) Recorded seven months of accrued interest on the note at December 31. Year 3 (see item 9). Required: a. Organize the transaction data in accounts under an accounting equation b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 3 Required B Required A Required B Statement of Stockholders Income Statement Required B Required B Balance Sheet Statement of Cash Flows Organize the transaction data in accounts under an accounting equation. Note: Enter any decreases to account balances with a minus sign. Not all cells require input TILE, ETC, INCORPORATED Accounting Equation for Year 3 Assets Liabilities Equity Event Cash NRV Accounts Receivable Merchandise Inventory Notes Interest Receivable Receivable Accounts Payable Common Retained Stock Earnings Account Titles for Retained Earnings Balance 1 24 26 3a 36 Ma 4 Ab 5 6 7 9 10 116 11 C. Requield . Required B Income Statement > ces Required B Required A Income Required B Statement of Required B Balance Sheet Stockholders Statement Prepare an income statement for Year 3. TILE, ETC., INCORPORATED Income Statement For the Year Ended December 31, Year 3 Operating expenses Total operating expenses Add Non-operating items Required B Statement of Cash Flows Complete this question by entering your answers in the tabs below. Required B Required A Income Statement Required B Statement of Stockholders Required B Balance Sheet Required B Statement of Cash Flows Prepare a statement of changes in stockholders' equity for Year 3, TILE, ETC., INCORPORATED Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 3 Beginning common stock Ending common stock Beginning retained earnings Ending retained eamings Total stockholders' equity 0 Complete this question by entering your answers in the tabs below. Required A Required B Income Statement Required B Statement of Stockholders Required B Balance Sheet Required B Statement of Cash Flows Prepare a balance sheet for Year 3. Note: Be sure to list the assets in the order of their liquidity. TILE, ETC., INCORPORATED Balance Sheet As of December 31, Year 3 Assets Total assets Liabilities Total liabilities Stockholders' equity Total stockholders' equity 0 Total liabilities and stockholders' equity 0 Complete this question by entering your answers in the tabs below. Required A Required B Income Statement Required B Statement of Stockholders Required B Balance Sheet Required B Statement of Cash Flows Prepare a statement of cash flows for Year 3. Note: Amounts to be deducted and cash outflows should be indicated with a minus sign. TILE, ETC., INCORPORATED Statement of Cash Flows For the Year Ended December 31, Year 3 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Net cash flows from investing activities Cash flows from financing activities Net change in cash 0 Ending cash balance S 0 The following list of accounts was prepared for Tile, Etc., Incorporated on December 31, Year 2, after all account adjustments had been made: Account Title Cash Accounts receivable $205,000 144,000 Allowance for doubtful accounts 27,500 Inventory 463,000 Accounts payable 114,000 Common stock 545,000 Retained earnings 125,500 Tile, Etc. had the following transactions in Year 3 1. Purchased merchandise on account for $675,000. 2. Sold merchandise that cost $515,000 for $1,080,000 on account 3. Sold for $340,000 cash merchandise that had cost $198,000. 4. Sold merchandise for $285,000 to credit card customers. The merchandise had cost $134,000. The credit card company charges a 3 percent fee. 5. Collected $810,000 cash from accounts receivable. 6. Paid $705,000 cash on accounts payable 7. Paid $164,000 cash for selling and administrative expenses. 8. Collected cash for the full amount due from the credit card company (see item 4). 9. Loaned $69,000 to J. Parks. The note had an 6 percent interest rate and a one-year term to maturity. 10. Wrote off $9,400 of accounts as uncollectible 11. Made the following adjusting entries: (e) Recorded uncollectible accounts expense estimated at 1 percent of sales on account. (b) Recorded seven months of accrued interest on the note at December 31. Year 3 (see item 9). Required: a. Organize the transaction data in accounts under an accounting equation b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 3 Required B Required A Required B Statement of Stockholders Income Statement Required B Required B Balance Sheet Statement of Cash Flows Organize the transaction data in accounts under an accounting equation. Note: Enter any decreases to account balances with a minus sign. Not all cells require input TILE, ETC, INCORPORATED Accounting Equation for Year 3 Assets Liabilities Equity Event Cash NRV Accounts Receivable Merchandise Inventory Notes Interest Receivable Receivable Accounts Payable Common Retained Stock Earnings Account Titles for Retained Earnings Balance 1 24 26 3a 36 Ma 4 Ab 5 6 7 9 10 116 11 C. Requield . Required B Income Statement > ces Required B Required A Income Required B Statement of Required B Balance Sheet Stockholders Statement Prepare an income statement for Year 3. TILE, ETC., INCORPORATED Income Statement For the Year Ended December 31, Year 3 Operating expenses Total operating expenses Add Non-operating items Required B Statement of Cash Flows Complete this question by entering your answers in the tabs below. Required B Required A Income Statement Required B Statement of Stockholders Required B Balance Sheet Required B Statement of Cash Flows Prepare a statement of changes in stockholders' equity for Year 3, TILE, ETC., INCORPORATED Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 3 Beginning common stock Ending common stock Beginning retained earnings Ending retained eamings Total stockholders' equity 0 Complete this question by entering your answers in the tabs below. Required A Required B Income Statement Required B Statement of Stockholders Required B Balance Sheet Required B Statement of Cash Flows Prepare a balance sheet for Year 3. Note: Be sure to list the assets in the order of their liquidity. TILE, ETC., INCORPORATED Balance Sheet As of December 31, Year 3 Assets Total assets Liabilities Total liabilities Stockholders' equity Total stockholders' equity 0 Total liabilities and stockholders' equity 0 Complete this question by entering your answers in the tabs below. Required A Required B Income Statement Required B Statement of Stockholders Required B Balance Sheet Required B Statement of Cash Flows Prepare a statement of cash flows for Year 3. Note: Amounts to be deducted and cash outflows should be indicated with a minus sign. TILE, ETC., INCORPORATED Statement of Cash Flows For the Year Ended December 31, Year 3 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Net cash flows from investing activities Cash flows from financing activities Net change in cash 0 Ending cash balance S 0