Cherokee Company began operations when it issued common stock for $99,500 cash. it paid $89,550 cash in advance for a one-year contract to lease dellvery equipment for the business. It signed the lease agreement on March 1, Year 1, which was effective immed ately. Cherokee recelved $114,425 of cash revenue in Year 1. Required a. & b. Record the March 1 cash payment and adjustment required as of December 31 , Year 1 in general journal format. c. Show all events in a horizontal statements model. d. e. What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net cash flow from operating acthities for Year 1 ? Determine the amount of prepald rent Cherokee Company would report on the December 31 , Year 1 , balance sheet. Complete this question by entering your answers in the tabs below. Record the March 1 cash payment and adjustment required as of December 31, Yeer 1 in general journal format. (If ne entry is required for a transactionvevent, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet Notes Emer debas perure creoita. Cherokee Company began operations when it issued common stock for $99,500 cash, it paid $89,550 cash in advance for a one-year contract to lease dellvery equipment for the business. It signed the lease agreement on March 1, Year 1 , which was effectlve immediately. Cherokee recelved $114,425 of cash revenue in Year 1. Required a. 8 b. Record the March 1 cash payment and adjustment requlred as of December 31 , Year 1 in general journal format. c. Show all events in a horizontel statements model. d. 8 . What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year T? Determine the amount of prepaid rent Cherokee Company would report on the December 31 , Year 1 , balance sheet. Complete this question by entering your answers in the tabs below. Record the March 1 cash payment and adjustment requirnd as of December 31, Year 1 in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account heid. Do not round intermediate calculations.) Journal entry worksheet Record the adjusting entry for prepaid rent. Note: Enter debits before credits. Cherokee Compary begmn operations when it iswed common stock for $99,500 cash. it pald $89.550 cash in advance for a oneyear contract to lease deivery equipment for the business. it sligned the lease agreement on March 1, Year 1 , which was effective immediately. Cherokee recelved $114,425 of Cash revenue in Year 1. Required a. I b. Record the Morch 1 cash payment and adjustment required as of December 31 , Year 1 in general joumal format. c. Show all events in a horizontal statemeats model. d. 5 . What amount of net income wal Cherokce Compony report on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year it Determine the amount of prepaid rent Cherokec Compary would report on the December 31 , Year 1 balance sheet. Complete this questien by entering veur senwers in the tabs below. intermeduats caltulatena.). Cherokee Company began operations when it issued common stock for $99,500 cash. It paid $89,550 cash in advance for a oneyear contract to lease delivery equipment for the business. it signed the lease agreement on March 1, Year 1, which was effective immediately. Cherokee received $114,425 of cash revenue in Year 1. Required a. \& b. Record the March 1 cash payment and adjustment required as of December 31 , Year 1 in general journal format. c. Show all events in a horizontal statements model. d. \& e. What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year 1 ? Determine the amount of prepaid rent Cherokee Company would report on the December 31, Year 1, balance sheet. Complete this question by entering your answers in the tabs below. What amount of net income will Cierokee Company report on the Vear 1 income statement? What is the amount of net cash fow from operating activities for Year 17 Oetermine the amount of prepaid rent Cherokee Company would report on the December 31, Year 1, balance sheet. (Do not round intermediate calculations.)
