Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

any help? many thanks in advance!! the drop down for this statements of cash flow: net change in cash paid for dividends paid for expense

any help? many thanks in advance!! image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
the drop down for this statements of cash flow:
net change in cash
paid for dividends
paid for expense
purchased office furniture
recevied from customers
recieced from stock issue
(The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $52,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $16,400 cash. Apr. 10 Purchased $870 of supplies on account. July 1 Received $26,500 cash in advance for services to be provided over the next year. 20 Paid $653 of the accounts payable from April 10. Aug. 15 Billed a customer $9,400 for services provided during August. Sept. 15 Completed a job and received $2,800 cash for services rendered. Oet. 1 Paid employee salaries of $34,500 cash. 15 Received $8,700 cash from accounts receivable. Nov. 16 Billed customers $33,000 for services rendered on account. Dee. 1 Paid a dividend of $1,500 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,300 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See Pebruary 1.) 31 Physically counted supplies; $90 was on hand at the end of the period. Problem 3-32A Part d d. Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. (Round your final answers to the nearest whole dollar amount. Statement of Cash Flows only, items to be deducted must be indicated with a negative amount.) Financial Statements For the Year Ended December 31, Year 1 Income Statement Expenses Rent expense Supplies expense Salaries expense es 0 $ 0 Total expenses Net income Statement of Changes in Stockholders' Equity Beginning common stock Plus: Stock issued Ending common stock Beginning retained earnings Plus: Net income Less: Dividends 52,000 52,000 78,477 1,500 76,977 128,977 Total Stockholders' Equity $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions