Complete a Balance Sheet and Statement of Cash Flow Acquired cash of $225,000 from the issue of common stock Borrowed $175,000 cash from the bank on April 1, 2018 Paid $285,000 cash to purchase fixed assets land that cost $65,000 and a building that cost $220,000 Earned and recognized consulting revenue on account for $345,000 Collected $200,000 on the accounts receivable during the year Incurred $150,000 of consulting expenses on account during the year Paid $125,000 on the accounts payable during the year Paid $92,500 cash for other operating expenses during the year Paid the company owners $5,300 of dividends Received $21,750 cash for services to be performed in the future On June 1, paid $10,500 cash in advance for a one year lease to rent office space Paid $9,450 cash for salaries expense Information for December 31, 2018 ADJUSTING ENTRIES Completed $11,350 of services performed described in Transaction 10 Adjust Prepaid Rent account for rent used up during the year (7 months) Use the straight line method to depreciate the building purchased in Transaction 3 Management estimated that it had a useful life of 20 years Record the building depreciation Recognized that $3,647 of Salary Expense has been incurred on December 31 The employees are owed this for the services they provided in December but will not be paid to them until January Record the year end accrual for salary expense Accrued interest expense for loan in 2 Terms interest rate 10 , in one year (Loan was outstanding 9 months during 2018) Consulting Company Inc Financial Statements For the Year Ended December 31, 2018 Balance Sheet (Fill in amounts 2018 Assets Cash Accounts Receivable Prepaid Rent Land Buildin Accum Total Assets reciation REF Liabilities Salaires Payable Unearned Revenue Accrued Interest Payable Bank Note Payable Total Liabilities Stockholder's Equit Common Stock Retained Earnin Total Stockholder's Equit Total Liabilities Stockholder's Equi REF Statements of Cash Flows 2018 Cash Flows from Operating Activities Cash Collected from Customers Cash Paid for Expenses Net Cash Flow from Operating Activities Cash Flows from Investing Activities Cash Paid for Buil Cash Paid for Land Net Cash Flows from Investing Activities REF Cash Flows from Financing Activities Cash from Sale of Stock Cash from Bank Note Cash paid for dividends Net Cash Flows from Financing Activities REF REF Net Change in Cash Plus Ending Cash Balance inning Cash Balance REF

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Complete a Balance Sheet and Statement of Cash Flow Acquired cash of $225,000 from the issue of common stock. Borrowed $175,000 cash from the bank

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Complete a Balance Sheet and Statement of Cash Flow

Acquired cash of $225,000 from the issue of common stock.
Borrowed $175,000 cash from the bank on April 1, 2018.
Paid $285,000 cash to purchase fixed assets - land that cost $65,000

and a building that cost $220,000.
Earned and recognized consulting revenue on account for $345,000
Collected $200,000 on the accounts receivable during the year
Incurred $150,000 of consulting expenses on account during the year.
Paid $125,000 on the accounts payable during the year.
Paid $92,500 cash for other operating expenses during the year.
Paid the company owners $5,300 of dividends.
Received $21,750 cash for services to be performed in the future.
On June 1, paid $10,500 cash in advance for a one-year lease to rent office space.
Paid $9,450 cash for salaries expense.

Information for December 31, 2018

ADJUSTING ENTRIES:

Completed $11,350 of services performed described in Transaction 10.
Adjust Prepaid Rent account for rent used up during the year. (7

months)
Use the straight-line method to depreciate the building purchased in

Transaction 3. Management estimated that it had a useful life of 20

years. Record the building depreciation.
Recognized that $3,647 of Salary Expense has been incurred on

December 31. The employees are owed this for the services they provided in December but will not be paid to them until January. Record the year end accrual for salary expense.
Accrued interest expense for loan in # 2. Terms: interest rate 10%, in one year. (Loan was outstanding 9 months during 2018).

Consulting Company Inc. Financial Statements For the Year Ended December 31, 2018 Balance Sheet (Fill-in amounts 2018 Assets Cash Accounts Receivable Prepaid Rent Land Buildin Accum Total Assets reciation #REF! Liabilities Salaires Payable Unearned Revenue Accrued Interest Payable Bank Note Payable Total Liabilities Stockholder's Equit Common Stock Retained Earnin Total Stockholder's Equit Total Liabilities & Stockholder's Equi #REF ! Statements of Cash Flows 2018 Cash Flows from Operating Activities Cash Collected from Customers Cash Paid for Expenses Net Cash Flow from Operating Activities Cash Flows from Investing Activities Cash Paid for Buil Cash Paid for Land Net Cash Flows from Investing Activities #REF! Cash Flows from Financing Activities Cash from Sale of Stock Cash from Bank Note Cash paid for dividends Net Cash Flows from Financing Activities #REF! #REF ! Net Change in Cash Plus Ending Cash Balance inning Cash Balance #REF