00 The following transactions apply to Walnut Enterprises for Year 1, its first year of operations: 15 points 1. Received $50,000 cash from the issue of a short-term note with a 6 percent interest rate and a one-year maturity. The note was made on April 1, Year 1. 2. Received $130,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. 3. Paid $62,000 cash for other operating expenses during the year. 4. Paid the sales tax due on $110,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2. 5. Recognized the accrued interest at December 31, Year 1. 04:10:32 eBook The following transactions apply to Walnut Enterprises for Year 2: 1. Paid the balance of the sales tax due for Year 1. 2. Received $201,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. 3. Repaid the principal of the note and applicable interest on April 1, Year 2. 4. Paid $102,500 of other operating expenses during the year. 5. Paid the sales tax due on $185,000 of the service revenue. The sales tax on the balance of the revenue is not due until Year 3. Required a. Organize the transaction data in accounts under an accounting equation. b-1. Prepare an income statement for Year 1 and Year 2. b-2. Prepare a statement of changes in stockholders' equity for Year 1 and Year 2. b-3. Prepare a balance sheet for Year 1 and Year 2. b-4. Prepare a statement of cash flows for Year 1 and Year 2. 8 1 2 1 2. 1 2 1 2 Organize the transaction data in accounts under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign. Leave the cell blank if there is no effect on the "Account Titles for Retained Earnings". Not all cells will require entry.) 15 points & 8 04:09:52 WALNUT ENTERPRISES Effect of Events on the General Ledger Year 1 and Year 2 Liabilities Stockholders' Equity Sales Tax Interest Notes Retained Payable Payable Payable Earnings Assets + Event Account Titles for Retained Earnings eBook Cash + + + Year 1 1. + + + 2. + + + - 3. + + + 4. + + 5. + + + Bal. + + Year 2 + + Beg. bal. 1. + + + 2. + + + . . 3b. 4. - + + + 5. = End. bal. + + + 8 pos. Piepdied Uddlice sueel lol Tedi i dulu Tedl 2. b-4. Prepare a statement of cash flows for Year 1 and Year 2. 15 Complete this question by entering your answers in the tabs below. points 04:09:25 Req A Req B1 Year Req B1 Year Req B2 Year Req B2 Year Req B3 Year Req B3 Year Req B4 Year Req B4 Year 1 2 1 2 1 2 1 2 Prepare the income statement for Year 1. (Do not round intermediate calculations.) eBook WALNUT ENTERPRISES Income Statement For the Year Ended December 31, Year 1 Expenses Total Operating Expenses 8 pos. Piepdied Udidlice Sileet IOI Tedl I did Tedl 2. b-4. Prepare a statement of cash flows for Year 1 and Year 2. Complete this question by entering your answers in the tabs below. 15 points 04:08:58 Req A Req B1 Year Req B1 Year Reg B2 Year Req B2 Year Req B3 Year Req B3 Year Req B4 Year Req B4 Year 1 2 1 2 1 2 1 2 Prepare the income statement for Year 2. (Do not round intermediate calculations.) eBook WALNUT ENTERPRISES Income Statement For the Year Ended December 31, Year 2 Expenses Total Operating Expenses 8 b-2. Prepare a statement of changes in stockholders' equity for Year 1 and Year 2. b-3. Prepare a balance sheet for Year 1 and Year 2. b-4. Prepare a statement of cash flows for Year 1 and Year 2. 15 points Complete this question by entering your answers in the tabs below. 04:08:33 Req A Req B1 Year Req B1 Year Reg B2 Year Req B2 Year Req B3 Year Req B3 Year Reg B4 Year Req B4 Year 1 2 1 2 1 2 1 2 eBook Prepare the statement of changes in stockholders' equity for Year 1. WALNUT ENTERPRISES Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Ending retained earnings Total stockholders' equity 8 b-2. Prepare a statement of changes in stockholders' equity for Year 1 and Year 2. b-3. Prepare a balance sheet for Year 1 and Year 2. b-4. Prepare a statement of cash flows for Year 1 and Year 2. 15 points Complete this question by entering your answers in the tabs below. 04:07:52 Req A Req B1 Year Req B1 Year Req B2 Year Req B2 Year Req B3 Year Reg B3 Year Req B4 Year Req B4 Year 1 2 1 2 1 2 1 2 eBook Prepare the statement of changes in stockholders' equity for Year 2. WALNUT ENTERPRISES Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Ending retained earnings Total stockholders' equity 8 compiere is questioni vy entering your answers in the laus verow. Reg A Req B1 Year Req B1 Year Req B2 Year Req B2 Year Req B3 Year Req B3 Year Req B4 Year Req B4 Year 1 2 1 2 1 2 1 2 15 points Prepare the balance sheet for Year 1. 04:07:27 WALNUT ENTERPRISES Balance Sheet As of December 31, Year 1 eBook Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity complete unis question by entering your answers in the tads velow. 8 Req A Req B1 Year Req B1 Year Req B2 Year Req B2 Year Req B3 Year Req B3 Year Req B4 Year Req B4 Year 1 2 1 2 1 1 2 15 points Prepare the balance sheet for Year 2. WALNUT ENTERPRISES 8 04:07:07 Balance Sheet As of December 31, Year 2 eBook Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 00 Req A Req B1 Year Req B1 Year Req B2 Year Req B2 Year Reg B3 Year Req B3 Year Req B4 Year Req B4 Year 1 2 1 2 1 2 1 2 Prepare the statement of cash flows for Year 1. (Cash outflows should be indicated with a minus sign.) 15 points 04:06:49 WALNUT ENTERPRISES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities eBook Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flows from financing activities Net change in cash Ending cash balance 8 Reg A Req B1 Year Req B1 Year Req B2 Year Req B2 Year Reg B3 Year Req B3 Year Req B4 Year Req B4 Year 1 2 1 2 1 2 1 2 Prepare the statement of cash flows for Year 2. (Cash outflows should be indicated with a minus sign.) 15 points WALNUT ENTERPRISES Statement of Cash Flows 04:06:29 For the Year Ended December 31, Year 2 Cash flows from operating activities eBook Net cash flow from operating activities Net cash flow from investing activities Cash flows from financing activities Net cash flow from financing activities Net change in cash Ending cash balance