Exercise 2-9A (Static) Supplies on financial statements LO 2-5, 2-8 Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $35,000 cash 2. Purchased $6,000 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,800 of supplies on hand. Required Based on this information alone e. 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. Req Al Req 81 Inc Stmt Req B2 Bal Sheet Req 83 CF Stmt Reg C and D Check my work Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Stmt Req B2 Bal Sheet Req B3 CF Stmt Req C and D Record the events under an accounting equation. (Enter any decreases to account balances with a minus sign.) YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation Stockholders Assets Liabilities Event Equity Accounts Retained Cash Supplies Payable Earnings 1 Provided service 2. Purchased supplies 3. Used supplies Totals . 0 0 Req B1 Inc Simt > Next > ces Complete this question by entering your answers in the tabs below. Req A Req B1 Inc. Stmt Req B2 Bal Sheet Req B3 CF Stmt Req C and D Prepare an income statement for the Year 1 accounting period. YARD PROFESSIONALS INC. Income Statement For the Year Ended December 31, Year 1 S 0 Check mys 1 Complete this question by entering your answers in the tabs below. Reg A Req B3 Inc Stmt Req B2 Bal Req B3 CF Sheet Stmt Reg C and D Book Het Pr Prepare a balance sheet for the Year 1 accounting period. erences Assets Cash Supplies Total assets Liabilities YARD PROFESSIONALS INC. Accounts payable Balance Sheet As of December 31, Year 1 0 Total abilities $ 0 Stockholders' Equity Prey 5 Next > nces Req A Req 81 Inc Stmt Req B2 Bal Sheet Req B3 CF Stmt Req C and D Prepare the statement of cash flows for the Year 1 accounting period. (Enter cash outflows with a minus sign.) YARD PROFESSIONALS INC. Statement of Cash Flows For the Year Ended December 31, Yoar 1 Cash flows from operating activities + Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance $ 0 0 $ Check my work 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 Req A Stmt Req B2 Bal Sheet Req B3 CF Stmt Req C and D What is the balance in the Supplies account as of January 1, Year 2? What is the balance in the Supplies Expense account as of January 1, Year 2? Supplies $ 0 d Supplies expense $ 0