Question
Adjustment data for Ms. Ellen's Laundry Inc. for the year ended December 31, 20Y8, are as follows: Wages accrued but not paid at December 31,
Adjustment data for Ms. Ellen's Laundry Inc. for the year ended December 31, 20Y8, are as follows:
- Wages accrued but not paid at December 31, $2,150
- Depreciation of equipment during the year, $12,500
- Laundry supplies on hand at December 31, $1,500
- Insurance premiums expired, $4,600
Instructions:
1. Record the adjustment transactions using the integrated financial statement framework. If an amount box does not require an entry, leave it blank. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments.
|
2. Prepare an income statement for the year ended December 31, 20Y8.
Ms. Ellen's Laundry Inc. | ||
Income Statement | ||
For the Year Ended December 31, 20Y8 | ||
$ | ||
Operating expenses: | ||
$ | ||
Total operating expenses | ||
$ |
Prepare statement of stockholders equity for the year ended December 31, 20Y8. The common stock balance as of January 1, 20Y8, was $25,000. The retained earnings balance as of January 1, 20Y8, was $101,500. If an amount box does not require an entry, leave it blank.
Ms. Ellen's Laundry Inc. | |||
Statement of Stockholders Equity | |||
For the Year Ended December 31, 20Y8 | |||
Common Stock | Retained Earnings | Total | |
$ | $ | $ | |
$ | $ | $ |
3. Prepare a classified balance sheet as of December 31, 20Y8.
Ms. Ellen's Laundry Inc. | ||
Balance Sheet | ||
December 31, 20Y8 | ||
Assets | ||
Current assets: | ||
$ | ||
Total current assets | $ | |
Property, plant, and equipment: | ||
$ | ||
Total assets | $ | |
Liabilities | ||
Current liabilities: | ||
$ | ||
Total liabilities | $ | |
Stockholders' Equity | ||
$ | ||
Total stockholders' equity | ||
Total liabilities and stockholders' equity | $ |
4. Prepare a statement of cash flows for the year ended December 31, 20Y8. Use the minus sign to indicate cash out flows, decreases in cash, or cash payments.
Ms. Ellen's Laundry Inc. | ||
Statement of Cash Flows | ||
For the Year Ended December 31, 20Y8 | ||
Cash flows from operating activities: | ||
$ | ||
$ | ||
Cash flows from investing activities: | ||
Cash flows from financing activities: | ||
$ | ||
$ | ||
$ |
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