Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $78,000 cash from the issue of common stock. 2. Purchased $4,800 of supplies on account. 3. Purchased land that cost $54,000 cash. 4. Paid $4,800 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $78,000. 6. Paid $39,000 cash for other operating expenses. 7. Collected $56,000 cash from accounts receivable. Information for 2018 Adjusting Entries 8. Recognized accrued salaries of $5,000 on December 31, 2018. 9. Had $2,000 of supplies on hand at the end of the accounting period. Events Affecting the 2019 Accounting Period 1. Acquired $38,000 cash from the issue of common stock. 2. Paid $5,000 cash to settle the salaries payable obligation. 3. Paid $9,000 cash in advance to lease office space. 4. Sold the land that cost $54,000 for $54,000 cash. 5 Receiver $10 200 cash in arivance for cervices to he nerformed in the Events Affecting the 2019 Accounting Period 1. Acquired $38,000 cash from the issue of common stock 2. Paid $5,000 cash to settle the salaries payable obligation 3. Paid $9.000 cash in advance to lease office space. 4. Sold the land that cost $54,000 for $54,000 cash. 5. Received $10,200 cash in advance for services to be performed in the future. 6. Purchased $2.800 of supplies on account during the year. 7. Provided services on account of $50,000. 8. Collected $51,000 cash from accounts receivable. 9. Paid a cash dividend of $4,000 to the stockholders 10. Pald other operating expenses of $37,500 Information for 2019 Adjusting Entries 11. The advance payment for rental of the office space (see Event 3) was made on March 1 for a one-year term 12. The cash advance for services to be provided in the future was collected on October 1(see Event 5). The one year contract started on October 1. 13. Had $2,100 of supplies remaining on hand at the end of the period. 14. Recognized accrued salaries of $5.700 at the end of the accounting period, 15. Recognized $2.200 of accrued interest revenue Required information ALCORN SERVICE COMPANY Income Statements For the Years Ended December 31, 2018 and 2019 2018 2019 Total revenue Expenses Total expenses Required information Req B1 Reg B2 Req B3 Req B4 Prepare the statement of changes in stockholders' equity for 2018 and 2019. ALCORN SERVICE COMPANY Statement of Changes in Stockholders' Equity For the Years Ended December 31, 2018 and 2019 2018 2019 Beginning common stock Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity Required information ALCORN SERVICE COMPANY Balance Sheets As of December 31, 2018 and 2019 2018 2019 Assets Total assets Liabilities Prev SN Required information Total assets Liabilities the Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Required information _ 2018 2019 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing acivities L Net cash flow from investing activities Cash flows from financing activities Net cash flow from financing activities Net change in cash
