B D E F G H 1 J (This problem is adapted from Problem 48-2. part 2, in your text.) Cactus Company's annual accounting year ends on June 30. It is June 30, 2017, and all of the 2017 entries except year-end adjusting journal entries, and the entry to record dividends, have been made. Cactus Company is a service company and has two sources of revenue: Service and Maintenance. Because there are no sales of inventory, the income statement does not contain a line for Gross profit, but does contain a line for Total revenues (the sum of Service revenue and Maintenance revenue). Each of the remaining sheets in this file contains 1) a description of a transaction and 2) a partially completed balance sheet, income statement, and statement of retained earnings. Transactions A through H require adjusting entries on June 30, 2017; transaction I requires an entry to record dividends declared and paid. For each transaction, show how recording the necessary entry would change the financial statements. Each transaction is independent, so you can work through the file in any order you like. All changes are entered in the blue cells on the statements. Each statement has two columns. Values in the first column are selected from a drop-down menu. For a given transaction, there may be several for even many) blue cells that do not need to be changed. > Instructions Transa Trans Trans Trans d Transe Transf Trans 9 Transh e OM Module 4 Trance DATA REVIEW vny ENTERPRISE CONNECT FORMULAS PAGE LAYOUT HOME Nort General Calib $ % Weap Test E Merge Center Alignment Copy Format Painter pod * Conditional Format as Cat Formatting Table Number Pont D JK H EFG 2 Income Statement Statement of Financial Position ASSETS Current assets: Total revenues Operating expenses Transaction. The company earned service revenue of $2,000 on a special job that was completed June 29, 2017 Collection will be made during July 2017, no entry has been recorded Total current assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Total operating expenses Earnings from operations Earnings before income taxes Net Income Total current liabilities Total liabilities Shareholders' Equity Statement of Retained Earnings Beginning balance Total shareholders' equity Total liabilities and shareholders equity Ending balance Trans HAON That To Trans Trum Trans Module & Tar FORMULAS DATA REVIEW VIEW ENTERPRISE CONNECT General HOME INSENT PAGE LAYOUT xou Calin Copy ITU. format Pants Coboard Font Be Wrap Test Menge & Center A. $. % 2 Conditional Format Formatting Table Anment Number A D EEG H Income Statement Statement of Financial Position ASSETS Current assets Total revenues Operating expenses: Total current assets Transaction on March 31, 2017 Cactus paid a six- month premium for property insurance in the amount of $3,200 for coverage starting on that date. Cash was credited and Prepaid Insurance was debited for this amount Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Llabilities Current liabilities Total operating expenses Earnings from operations Earnings before income taxes Net Income Total current liabilities 17 Total abilities Shareholders' Equity 79 Statement of Retained Earnings Beginning balance 21 Total shareholders' equity Totallibilities and shareholders' equity Ending balance Trab Tront Test Trans Trans DATA FORMULAS REVIEW VIEW ENTERPROSE CONNECT PAGE LAYOUT HOM NC General Colbri 111 A Wrap Test Merge & Center Alignment BTU 3 $ - % Conditional Formats Formatting Table Format Pants Doard Number Foot D H EFG Income Statement Statement of Financial Position ASSETS Current assets: Total revenues Operating expenses Transaction At June 30, 2017, wages of $900 were earned by employees but not yet paid. The employees will be paid on the next payroll date, which is July 13, 2017 Total current assets Total assets LABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Total operating expenses Earnings from operations Earnings before income taxes Net income Total current liabilities Total liabilities Shareholders' Equity Statement of Retained Earnings Beginning balance Total shareholders equity Total liabilities and shareholders' equity Ending balance 70 Trans VIEW REVIEW ENTERPRISE CUNN DATA FORMULAS PAGE LAYOUT General HOME X Copy Calibri Norma Conditional Format as Calcul Formatting Table $ - %. D A Weap Test SEE Merge & Center Ant Number H D EFG A Income Statement Statement of Financial Position ASSETS Current assets Total revenues Operating expenses Total current assets Transaction on June 1, 2017, Cactus collected two months maintenance revenge of $450 At that date, Cactus debited Cash and credited Unearned Maintenance renue for $450. One-half of it has now been warned but not yet recorded Total operating expenses Earnings from operations Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Earnings before income taxes Net income Total current liabilities Total abilities Shareholders' Equity Statement of Retained Earnings Beginning balance Total shareholders' equity Totalties and shareholders' equity Ending balance TT and Trama AA Colin Xcul Bay $ % Merge & Center Conditional Formatas Formatting Table ...A Number For Alignment IX & fi H EFG D A Income Statement Statement of Financial Position ASSETS Current assets Total revenues Operating expenses: Total current assets Transaction. A service truck was purchased on July 1, 2016. The truck cost $16,000 and was expected to have a useful le to the business of years, and a residual value of $4,000. The business uses the straight line method of calculating depreciation Total operating expenses Earnings from operations Total assets LIABILITIES AND SHAREHOLDERS' EQUITY tlabilities Current liabilities: Earnings before income taxes Net income Total current liabilities Total liabilities Shareholders' Equity Statement of Retained Earnings Beginning balance Total shareholders' equity Total liabilities and shareholders' equity Ending balance To T DEA FORMULAS REVIEW WE PAGE LAYOUT General Coth A #USA Wap Test Merge Center - Norma Conditional Formatas Calci Formatting Table $ . % Number Font Alignment Clipboard X & fi EFG H D A Income Statement Statement of Financial Position ASSETS Current as Total revenues Operating expenses: Total current assets Transaction Cash of $4,200 was collected on May 1, 2017, for services to be rendered evenly over the next year, beginning on Mwl Urned Service Revenue was credited when the cash was received. Some of it has now been earned but not et recorded Total assets LABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Total operating expenses Earnings from operations Earnings before income taxes Net income Total current liabilities Total liabilities Shareholders' Equity Statement of Retained Earnings Beginning balance Total shareholders' equity Total abilities and shareholders' equity Ending balance 33 e e Meige Center $. %. Conditional Formatas Formatting Table Numb font H D EFG Income Statement Statement of Financial Position ASSETS Current assets Total revenues Operating expenses Transaction Cactus borrowed $14.000 on February , 2017 The strate is The worst and loan must be painful on january 31, 2013 Total current assets Total operating expenses Earnings from operations Totalets LABUTES AND SHARESIOLDERS' EQUITY Liabilities Current liabilities: Earnings before income taxes Net income Total current liabilities Total liabilities Shareholders' Equity Statement of Retained Earnings Beginning balance Total charcholders' equity Totallibilities and shareholders equity Ending balance TH PAGE LAYOUT AA Conditional Formatas Formatting" Table $ % Merge Center A.A Huber K H EFG Income Statement Statement of Financial Position ASSETS Current assets Total revenues Operating expenses Traction the income before tas AFTER the dustments was $80,000. The company's federa income tax rate is 30 percent. No entry has been made yet for income tas Total current assets Total operating expenses Earnings from operations Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Earnings before income taxes Net income Total current liabilities Total abilities Shareholders' Equity Statement of Retained Earnings Beginning balance Total shareholders' equity Total abies and shareholders equity Ending balance Tash Merge Center $% Formatting Table be H D Income Statement Statement of Financial Position ASSES Qumentat Traction Cactus declared and pedividends of $2,000 Total revenues Operating expenses: Total current assets Total operating expenses Earnings from operations Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities Camings before income taxes Net income Total current liabilities Totalities Shareholders' Equity statement of Retained Earnings Beginning balance Total shareholder equity Totallabies and shareholders' equity Ending balance