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Cordell Inc. experienced the following events in 2018, its first year of operation: 1. Received $54,000 cash from the issue of common stock. 2. Performed

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Cordell Inc. experienced the following events in 2018, its first year of operation: 1. Received $54,000 cash from the issue of common stock. 2. Performed services on account for $76,000. 3. Paid a $5,400 cash dividend to the stockholders. 4. Collected $60,000 of the accounts receivable. 5. Paid $54,000 cash for other operating expenses. 6. Performed services for $12,500 cash. 7. Recognized $2,400 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, or IA for investing activity. If the element is not affected by the event, leave the cell blank. 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? . 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 B and D to F Req A and C Complete this question by entering your answers in the tabs below. Req B and D to F Req A and 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, or IA for investing activity. If the element is not affected by the event, leave the cell blank. (Enter any decreases to account balances and cash outflows with a minus sign. Not all cells will require entry.) Show less A Expense Statement of Cash Flows Event Revenue 1. 2. 3 4. 5. 6. 7 Req A and C Req B and D to F> Complete this question by entering your answers in the tabs below. Req A and C Req B and D to F Based on your response to Requirement a and c, determine the amount of net income, cash flow from operating activities, before- and after-closing balance in the service revenue account and balance of the Retained Earnings account reported on the 2018. b. Net income d. Net cash flow from operating activities e. Before-closing balance After-closing balance f. Balance of retained earnings Req B and D to F Req A and C

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