ex 6

Yard Designs (YD) experienced the following events in Year 1 , its first year of operation: 1. On October 1, Year 1, YD collected $24,000 for consulting services it agreed to provide during the coming year 2. Adjusted the accounts to reflect the amount of consulting service revenue recognized in Year 1. 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. Ignoring all other future events, what is the amount of service revenue that would be recognized in Year 2? Complete this question by entering your answers in the tabs below. Record the events under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) Record the events under an accounting equation. (Do not round intermediate calculations. Enter a balances with a minus sign.) Prepare an income statement for the Year 1 accounting period. (Do not round intermediate prenare a balance sheet for the Year 1 accountina period. (Do not round intermediate calculations.) Prepare a statement of cash flows for the Year 1 accounting period. (Do not round intermediate calculations. A deducted should be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. Ignoring all other future events, what is the amount of service revenue that would be recognized in Year 2 ? intermediate calculations.)