Cordell Inc. experienced the following events in Year 1, Its first year of operation 1. Received $52,000 cash from the issue of common stock. 2. Performed services on account for $80,000 3. Pald a $5,200 cash dividend to the stockholders. 4. Collected $58,000 of the accounts receivable. 5. Pald $52,000 cash for other operating expenses. 6. Performed services for $16,000 cash 7. Recognized $2.200 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 Requtrement a determine the amount of not Income reported on the Year 1 Income statement d. Based on your response to Requirement c determine the amount of cash flow from operating activities reported on the Year 1 e. What is the before and after-closing balance in the service revenue account? 1. What is the balance of the retained earrings account that oppears on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. og and RegA 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 anong activity, or IA for investing activity If the element is not affected by the event, leave the cell blank (Enter cash out our with a mission. Not will cells require input) Event Revenue Expense Statement of Cash Flows 1 2 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 Eamings account reported on the Year 1 Net Income d. Net cash flow from operating activities e Before closing balance After closing balance Balance of retained earnings RegA and Prey 304 a ype here to search Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $27,500 cash. 2. Purchased $5,000 of supplies on account. 3. A physical count on December 31. Year 1, found that there was $1.050 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Req31 Inc Req B2 Bal Reg 3 CF Req A Reg and D Sunt Sheet Sumt Record the events under an accounting equation. (Not all cels require input. Enter any decreases to account balances with a minus sign.) YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation Assets Llabilities + Stockholders Equity Event Accounts Retained Cash Supplies Payable Earnings 1. Provided service 2 Purchased supplies 3. Used supplies Totals 0 Req B1 Inc Strnt > Yard Professionals Inc. experienced the following events In Year 1. Its first year of operation: 1. Performed services for $27,500 cash. 2 Purchased $5,000 of supplies on account 3. A physical count on December 31, Year 1, found that there was $1,050 of supplies on hand. Required Based on this Information alone: a. Record the events under an accounting equation b. Prepare an Income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c What is the balance in the Supplies account as of January 1. Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 22 Complete this question by entering your answers in the tabs below. Reg Reg. Inc Sent Red B2 Bal Shrek Req 33 cr Sumt Recando Prepare an income statement for the Year 1 accounting period. YARD PROFESSIONALS INC Income Statement For the Year Ended December 31. Yeart S RA Req B2 Bal Sheet > 1. Performed services for $27,500 cash. 2. Purchased $5,000 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1.050 of supplies on hand, Required Based on this Information alone: a. Record the events under an accounting equation b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. What is the balance in the Supplies account as of January 1. Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. ROGA Req Bitno Stint Reg 02 Dal Sheet Reg DC Stmnt Reg Cand D Prepare a balance sheet for the Year 1 accounting period. YARD PROFESSIONALS INC Balance Sheet As of December 31, Year 1 Assets $ Total assets Liabilities $ Total abilities Stookholders' Equity Toa stockholders equity Tote bites and stockholders equity 1. Performed services for $27,500 cash 2 Purchased $5.000 of supplies on account. 2. A physical count on December 31, Year 1, found that there was $1050 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an Income statement balance sheet and statement of cash flows for the Year 1 accounting period. c. What is the balance in the Supplies account as of January 1. Year 2? d. What is the balance in the Supplies Expense account as of January 1 Year 22 Complete this question by entering your answers in the tabs below. Req A Reg D. Inc Sthit Reg B2 Bal Sheet Reg D3 CF Sunt Red Grid Prepare the statement of cash flows for the Year 1 accounting period. (Entercash outflows with a minus sign.) YARD PROFESSIONALS INC Statement of Cash Flows For the Year Ended December 31, Year Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Cash flows from financing actives Net change in cash 0 Ending cash balance RB2 Bal She Reg Can D Yard Professionals Inc experienced the following events In Year 1, its first year of operation 1. Performed services for $27,500 cash. 2 Purchased $5,000 of supplies on account 3. A physical count on December 31, Year 1, found that there was $1,050 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an Income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. What is the balance in the Supplies account as of January 1. Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Reg. A Red Bl Inc Sumit Reg B2 Bal Sheet Reg B3 CF Simt Red Cando What is the balance in the Supplies account as of January 1, Vear 2? What is the balance in the Supplies Expense account as of January 1, Vear 2? Supplies d Supplies expose Yard Professionals Inc. experienced the following events in Year 1. Its first year of operation: 1. Performed services for $27,500 cash. 2 Purchased $5,000 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,050 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period c. What is the balance in the Supplies account as of January 1 Year 2? d. What is the balance in the Supplies Expense account as of January 1 Year 2? Complete this question by entering your answers in the tabs below. Rega Reyns Reg 2 Bal Shet Reg DC Stin Regando Prepare an income statement for the Year 1 accounting period, YARD PROFESSIONALS INC. Income Statement For the Year Ended December 31 Yeart 0 RA Req B2 Bal Sheet > Required Based on this Information alone: a. Record the events under an accounting equation. b. Prepare an Income statement, balance sheet, and statement of cash flows for the Year 1 ac What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1. Year 2? Complete this question by entering your answers in the tabs below. Req B1 Inc Stmt Req A Req B2 Bal Sheet Req B3 CF Stml Rey C and D Prepare a balance sheet for the Year 1 accounting period. YARD PROFESSIONALS INC. Balance Sheet As of December 31 Year 1 Assets Total assets S Liabilities S D Total abilities Stockholders' Equity Total scolders equity Totes and stockholdersguity 0 0 5 Heg 151 Ine Sint RCF Stunt > YARD PROFESSIONALS INC. Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities S 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash 0 Ending cash balance S 0 RB2 Bal Sheet Req Can, 1. Performed services for $27,500 cash. 2 Purchased $5,000 of supplies on account 3. A physical count on December 31. Year 1. found that there was $1,050 of supplies on hand. Required Based on this Information alone: a. Record the events under an accounting equation. b. Prepare an Income statement, balance sheet, and statement of cash flows for the Year 1 accoL c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Rea Bind Simt Reg B2 Bal Reg 3 CF Red card Sheet Sunt What is the balance in the Supplies account as of January 1. Year 2? What is the balance in the Supplie of January 1, Year 2? 10 Supplies Supplies expense Rig 33 CF Stan