Cordell Inc. experienced the following events in 2018, its first year of operation: 1. Received $57,000 cash from the issue of common stock. 2. Performed services on account for $79,000 3. Paid a $5,700 cash dividend to the stockholders 4. Collected $63,000 of the accounts receivable. 5. Paid $57,000 cash for other operating expenses 6. Performed services for $13,000 cash 7. Recognized $2,700 of accrued utilities expense at the end of the year Required a. & c. Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, IA for investing activity and NA to indicate the element is not affected by the event b. Based on your response to Requirement a, determine the amount of net income reported on the 2018 income statement d. Based on your response to Requirement c, determine the amount of cash flow from operating activities reported on the 2018 statement of cash flows. e. What is the before- and after-closing balance in the service revenue account? f. What is the balance of the retained earnings account that appears on the 2018 balance sheet? Complete this question by entering your answers in the tabs below. Req A and C Req B andD to F Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, IA for investing activity and NA to indicate the element is not affected by the event. (Enter any decreases to account balances and cash outflows with a minus sign.) of writing Saved a. & c. Identify the events that result in revenue or expense recognition and those which affect t Statement of Cash Flows column, use OA to designate operating activity, FA for financing to indicate the element is not affected by the event b. Based on your response to Requirement a, determine the amount of net income reported d. Based on your response to Requirement c, determine the amount of cash flow from opera statement of cash flows. e. What is the before- and after-closing balance in the service revenue account? f. What is the balance of the retained earnings account that appears on the 2018 balance she Complete this question by entering your answers in the tabs below Req A and C Req B and D to F Identify the events that result in revenue or expense recognition and those which affect the statement Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, IA fo NA to indicate the element is not affected by the event. (Enter any decreases to account balances and minus sign.) Event Revenue Expense Statement of Cash Flows 2. 6. Req B and D to F> a, & c. Identify the events that result in revenue or expense recognition a Statement of Cash Flows column, use OA to designate operating ac to indicate the element is not affected by the event b. Based on your response to Requirement a, determine the amount o d. Based on your response to Requirement c, determine the amount o statement of cash flows. nts e. What is the before- and after-closing balance in the service revenue f. What is the balance of the retained earnings account that appears on eBook Complete this question by entering your answers in the tabs below. Hint Req A and C Req B and D to F Based on your response to Requirement a and c, determine the amount of net i before- and after-closing balance in the service revenue account and balance of the 2018. Print References b. |Net income d. Net cash flow from operating activities e. |Before-closing balance After-closing balance Balance of retained earnings f C Req A and C
