Events Affecting the 2018 Accounting Period

1. Acquired $73,000 cash from the issue of common stock.

2. Purchased $3,800 of supplies on account.

3. Purchased land that cost $44,000 cash.

4. Paid $3,800 cash to settle accounts payable created in Event 2.

5. Recognized revenue on account of $68,000.

6. Paid $34,000 cash for other operating expenses.

7. Collected $51,000 cash from accounts receivable.

Information for 2018 Adjusting Entries

8. Recognized accrued salaries of $4,500 on December 31, 2018.

9. Had $1,500 of supplies on hand at the end of the accounting period.

Events Affecting the 2019 Accounting Period

1. Acquired $33,000 cash from the issue of common stock.

2. Paid $4,500 cash to settle the salaries payable obligation.

3. Paid $7,500 cash in advance to lease office space.

4. Sold the land that cost $44,000 for $44,000 cash.

5. Received $8,700 cash in advance for services to be performed in the future.

6. Purchased $2,300 of supplies on account during the year.

7. Provided services on account of $45,000.

8. Collected $46,000 cash from accounts receivable.

9. Paid a cash dividend of $5,000 to the stockholders.

10. Paid other operating expenses of $32,500.

Information for 2019 Adjusting Entries

11. The advance payment for rental of the office space (see Event 3) was made on March 1 for a one-year term.

12. The cash advance for services to be provided in the future was collected on October 1 (see Event 5). The one-year contract started on October 1.

13. Had $1,600 of supplies remaining on hand at the end of the period.

14. Recognized accrued salaries of $5,200 at the end of the accounting period.

15. Recognized $1,700 of accrued interest revenue.

1. b-1. Prepare an income statement for 2018 and 2019.

2. b-2. Prepare the statement of changes in stockholders equity for 2018 and 2019.

3. b-3. Prepare the balance sheet for 2018 and 2019.

4. b-4. Prepare the statement of cash flows for 2018 and 2019, using the vertical statements model.

Im having trouble on getting service revenue for 2019 on the income statement.

The labeled accounts that are empty are the ones I need help with. Disregard the balance sheet.

ALCORN SERVICE COMPANY Statements of Cash Flows For the Years Ended December 31, 2018 and 2019 2018 2019 Cash flows from operating activities Cash payment for expenses Cash received from customers 0 0 Net cash flow from operating activities Cash flows from investing acivities Cash payment for land (44,000) (44,000) 0 Net cash flow from investing activities Cash flows from financing activities Cash receipt from stock issue Cash payment for dividends 73,000 0 73,000 0 Net cash flow from financing activities Net change in cash 29,000 0 Ending cash balance $ 29,000 $ 0 ALCORN SERVICE COMPANY Income Statements For the Years Ended December 31, 2018 and 2019 2018 2019 Service revenue $ 68,000 Interest revenue 0 1,700 0 0 Total revenue 68,000 1,700 Expenses Operating expenses 34,000 32,500 Salaries expense 4,500 5,200 Rent expense 0 6,250 Supplies expense 2,300 2,200 Total expenses 40,800 46,150 (44,450) $ $ 27,200 $ ALCORN SERVICE COMPANY Statement of Changes in Stockholders' Equity For the Years Ended December 31, 2018 and 2019 2018 2019 $ 0 Beginning common stock Plus: Stock issued 73,000 33,000 73,000 33,000 Ending common stock Beginning retained earnings Plus: Net income $ 0 Less: Dividend 0 0 Ending retained earnings Total stockholders' equity (5,000) (5,000) $ 28,000 $ 73,000 ALCORN SERVICE COMPANY Balance Sheets As of December 31, 2018 and 2019 2018 2019 Assets Cash Land Supplies Prepaid rent Accounts receivable Interest receivable Total assets $ 0 $ 0 Liabilities Accounts payable $ 0 $ 0 Total liabilities 0 0 Stockholders' Equity Common stock Unearned revenue Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 0 0 $ 0 $ 0