AC201 Chapter 2 Homework

Prepare a statement of cash flows for the Year 1 accounting period. (Amounts to be deducted should be in minus sign.) Life, Incorporated experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $18,800 cash. 2. On February 1, Year 1, paid $12,600 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone; a. Record the events in general ledger accounts under on accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2 ? Record the events in general ledger accounts under an accounting equation. (Do not round intermedia any decreases to account balances with a minus sign.) Prepare an income statement, balance sheet, and statement of cash flows fo Ignoring all other future events, what is the amount of rent expense that wou Complete this question by entering your answers In the tabs below. Ignoring all other future events, what is the amount of rent expense that would be intermediate calculations.) Prepare a balance sheet for the Year 1 accounting period. (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. Prepare an income statement for the Year 1 accounting period. (Do not round intermediate ca