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can you help me fill out this worksheet? ive written down the end values ive got on my notebook paper but how i enter the
can you help me fill out this worksheet? ive written down the end values ive got on my notebook paper but how i enter the values into the worksheet is what im having issues with.
The events below apply to the Video Services Company (VSC). Assume that all transactions involve receiving or paying cash. Transactions for the year 2018: 1. The company was started when it acquired $9,000 cash by issuing common stock. 2. The company borrowed $5,000 from creditors. 3. The company provided services to customers and received $4,000. 4. The company paid expenses of $2,900. 5. The company paid $500 in dividends to its stockholders. Transactions for the year 2019: 1. The company issued additional common stock for $4,500. 2. The company paid $2,000 to reduce its liabilities to creditors. 3. The company provided services to customers and received $6,700. 4. The company paid expenses of $4,300. 5. The company paid $700 in dividends to its stockholders. Transactions for the year 2020: 1. The company issued additional common stock for $2,500. 2. The company borrowed $1,000 from creditors. 3. The company provided services to customers and received $7,400. 4. The company paid expenses of $7,900. 5. The company paid $300 in dividends to its stockholders. 6. The company paid $9,000 to purchase land. Required: For each year, a. Record the events under an accounting equation. b. Prepare an income statement, statement of changes in stockholders' equity, balance sheet and statement of cash flows. Statements Model Approach 2018 Assets = Liab. + Equity Rev. Exp. = Net Inc. Cash Flow No. Beg. Bal. 1 2 3 4 5 Totals 2019 No. Cash + Land = Liab. + C. Stk. + Ret. Ear. + = + + + = + + Assets = Liab. + Equity Cash + Land = Liab. + C. Stk. + Ret. Ear. - = - = Rev. Exp. = Net Inc. Cash Flow Beg. Bal. 1 2 3 4 5 Totals 2020 No. + = + + Assets = Liab. + Equity Cash + Land = Liab. + C. Stk. + Ret. Ear. - = Rev. Exp. = Net Inc. Beg. Bal. 1 2 3 4 5 6 Totals + + + + - = Cash Flow Video Services Company Income Statements For the Years Ended December 31, 2018 Services Revenue Expenses Net Income (Loss) 2019 Statements of Changes in Stockholders' Equity Beginning Common Stock Plus: Common Stock Issued Ending Common Stock Beginning Retained Earnings Net Income (Loss) Dividends Ending Retained Earnings Total Stockholders' Equity Assets Cash Land Total Assets Balance Sheets at December 31 Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Statements of Cash Flows Cash Flows from Operating Activities Cash Inflows from Revenue Cash Outflows for Expenses Net Cash Flow from Operating Activities Cash Flow from Investing Activities Cash Outflows for Land Cash Flows from Financing Activities Cash Inflows from Borrowed Funds Cash Outflows to Reduce Debt Cash Inflows from Stock Issues Cash Outflows for Dividends Net Cash Flows from Financing Activities Net Change in Cash Beginning Cash Balance Ending Cash Balance 2020Step by Step Solution
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