12 Waddell Company had the following balances in its accounting records as of December 31, Year 1: 7.69 points Assets Cash Accounts Receivable Land Total $ 51,000 54,000 28,000 $133,000 Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total $ 20,000 101,000 12,000 $133,000 8 04:26:15 Skipped The following accounting events apply to Waddell Company's Year 2 fiscal year: eBook Print References Jan. Feb. Mar. Apr. May July Sept. Oct. Dec. 1 Acquired $54,000 cash from the issue of common stock. 1 Paid $5,400 cash in advance for a one-year lease for office space. 1 Paid a $2,300 cash dividend to the stockholders. 1 Purchased additional land that cost $28,000 cash. 1 Made a cash payment on accounts payable of $18,000. 1 Received $8,600 cash in advance as a retainer for services to be performed monthly over the coming year. 1 Sold land for $20,000 cash that had originally cost $20,000. 1 Purchased $990 of supplies on account. 31 Earned $56,000 of service revenue on account during the year. 31 Received cash collections from accounts receivable amounting to $55,000. 31 Incurred other operating expenses on account during the year that amounted to $13,000. 31 Recognized accrued salaries expense of $4,600. 31 Had $200 of supplies on hand at the end of the period. 31 The land purchased on April 1 had a market value of $40,000. Required Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Year 2 financial Accounting Equation + Date Assets Accounts Prepaid Rent Receivable 51,000 Liabilities Salaries Payable Cash Stockholders' Equity Common Retained Stock Earnings Accounts Payable Supplies Land Unearned Revenue Bal. = + + Jan. 1 + + Feb. 1 5,400 = + + Mar. 1 + + 51,000 54,000 (5,400) (2,300) (28,000) (18,000) 8,600 20,000 + + = + + April 1 May 1 July 1 Sept. 1 Oct. 1 + + = + + + + Dec. 31 - + + 56,000 (55,000) Dec. 31 55,000 = + + Dec. 31 + + Dec. 31 + + = + + Dec. 31 Dec. 31 40,000 + + Dec. 31 = + + Dec. 31 + + Bal. 134,900 52,000 45,400 0 0 = 0 0 0+ + viial announL OI TEL Casu TIOW IT ON Opel aliny acLIVILIES woulu De Tepor LEU ONT LITE SLALEMENTL Ol casu TIONS! (CULEI Casi outflows as negative amounts.) What amount of rent expense would be reported on the income statement? (Do not round intermediate calculations.) What amount of total liabilities would be reported on the balance sheet? What amount of supplies expense would be reported on the income statement? What amount of unearned revenue would be reported on the balance sheet? (Do not round intermediate calculations.) What amount of net cash flow from investing activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.) What amount of total expenses would be reported on the income statement? (Do not round intermediate calculations.) What amount of service revenue would be reported on the income statement? (Do not round intermediate calculations.) What amount of cash flows from financing activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.) What amount of net income would be reported on the income statement? (Do not round intermediate calculations.) What amount of retained earnings would be reported on the balance sheet? (Do not round intermediate calculations.) Show less a. Land b. Net cash flow from operating activities C. Rent expense d. Total liabilities e. Supplies expense f. Unearned revenue g. Net cash flow from investing activities h. Total expenses i. Service revenue j. Cash flows from financing activities k. Net income 111