Cordell Inc experienced the following events in Year 1, its first year of operation 1. Received $44,000 cash from the issue of common stock, 2. Performed services on account for $72,000. 3. Paid a $4.400 cash dividend to the stockholders 4. Collected $50,000 of the accounts receivable 5. Paid $44,000 cash for other operating expenses 6. Performed services for $16,500 cash 7. Recognized $1,400 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, and IA for investing activity (Enter any decreases to account balances with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an input leave cells blank if there is no corresponding Input needed.) Expense Statement of Cash Flows FA 3 FA 999 7 13 Homework Hart, Attomey at Law, experienced the following transactions in Year 1 the first year of operations 0044 Accepted $18.900 on April 1 Yeart, as a retainer for services to be performed evenly over the next 12 months 3. Purchased $1.350 of office supplies on account 4 Pald $1215 of the amount due on accounts payable 5. Paid a cash dividend to the stockholders of $4,100 6. Paid cash for operating expenses of $19,000 7 Determined that at the end of the accounting period $105 of office supplies remained on hand B.On December 31, Year 1. recognized the revenue that had been eamed for services performed in accordance with transaction 1 Required Show the effects of the events on the financial statements using a horizontal statements model. The first event has been recorded as an example, in the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Do not round Intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require Input) Income Stalment Expense HART, ATTORNEY AT LAW Etfect of actions on the ancial and for Yeart Balance Sheet Ladies scher Revenue Roccants Ureamed Red Revenue Em 1000 - 00 000 00.000 1:40003 1000 00.000 DA 88 00.000 0.0001 1/400- 11.2001 3+ 10 TO 3 2008- 157001 20 2003 (1.2001 157003 29.2001 2000 OD 20.200 - -1300 -400 3 (1956) 305 11.2000 + 114 175 14175 14.15 13!! NOM