1 On January 1 Year 1. Jana started a small lower merchandising business that she named Jana's Flowers. The company experienced the following events during the first year of operation 1. Started the business by issuing common stock for $28.000 cash, 2. Pald $19,000 cash to purchase inventory 3. Sold merchandise that cost $13,000 for $28.000 on account 4. Collected $25,000 cast from accounts receivable 5. Paid $6,300 for operating expenses Required 6. Organize ledger accounts under an accounting equation and record the events in the accounts. In the first column of the tables, provide appropriate account titles for the Retained Earnings amounts b-1. Prepare an income statement b.2. Prepare a balance sheet b-3. Prepare a statement of cash flows c. Since Jora solo inventory for $28.000, she will be able to recover mace than half of the $28.000 she invested in the stock Do you agree with this statement Reg A Rea Bi Reg 2 Reg 3 Regc 1 Organize ledger accounts under an accounting equation and record the events in the accounts. In the last column of the table, provide appropriate account titles for the Retained Earnings amounts. (If there is no effect on the account nites for Retained Earnings, leave the cell blank. Not all cells will require input. Enter any decreased to account balances with a minus sign.) Show less JANA'S FLOWERS Effect of events on the Accounting Equation Assets Stockholders' Equity Accounts for Event Cash Accounts Inventory Common Retained Retained Earnings Receivable Stock Earnings 1 2 Sa 30 4 5 Total Req B1 > Complete this question by entering your answers in the tabs below. 1 Reg A Red 1 Reg 02 Reg B3 Reg C Prepare an income statement JANA'S FLOWERS Income Statement For the Year Ended December 31, Year 1 02 Req Prepare a balance sheet. JANA'S FLOWERS Balance Sheet As of December 31. Year 1 Assets Totalsts Liabilities Stockholders' Equity Total stockholders equity Totallites and stockholders oquity Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign) JANA'S FLOWERS Statement of Cash Flows For the Year Ending December 31, Year 1 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Nel castillows from financing activities Not change in cas Prus Beginning cash balance Ending balance Quiz/Problems Saved a. Urganize veuger accounts under an accounung equation and record ne events in re accounts. In the last courte provide appropriate account titles for the Retained Earnings amounts b-1. Prepare an income statement. b-2. Prepare a balance sheet. b-3. Prepare a statement of cash flows. c. Since Jana sold inventory for $28.000, she will be able to recover more than half of the $28.000 she invested in the stock agree with this statement? Complete this question by entering your answers in the tabs below. Reg A Reg B1 Reg B2 Reg 3 Reg Since Jana sold inventory for $28,000, she will be able to recover more than half of the $28,000 she invested in the stock. Do you agree with this statement? Do you agree with this statement?
