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Waddell Company had the following balances in its accounting records as of December 31, Year 1: Liabilities and Equity Accounts Payable Common Stock Assets $ 7,500 40,000 47,500 Cash Accounts Receivable $35,000 9,000 51,000 Retained Earnings Land $95,000 $95,000 Total Total The following accounting events apply to Waddell Company's Year 2 fiscal year: 1 Acquired $20,000 cash from the issue of comnon stock 1 Paid $6,000 cash in advance for a one-year lease for office space. 1 Paid a $2, 000 cash dividend to the stockholders. 1 Purchased additional land that cost $15,000 cash. 1 Made a cash payment on accounts payable of $5,500 1 Received $9,600 cash in advance as a retainer for services to be perforned monthly over the coming year 1 Sold land for $30,000 cash that had originally cost $30,000. 1 Purchased $2,500 of supplies on account. 31 Earned $58,000 of service revenue on account during the year 31 Received cash collections from accounts receivable anounting to $46,000. 31 Incurred other operating expenses on account during the year that amounted to $28,000 31 Recognized accrued salaries expense of $6,500. 31 Had $50 of supplies on hand at the end of the period 31 The land purchased on April 1 had a market value of $20,000 Jan. Feb. r. pr. May July Sept. es Oct. Dec. Required Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Year 2 financial statements. (Hint: Enter items in general ledger accounts under the accounting equation before answering the questions.) a. What amount would Waddell report for land on the balance sheet? b. What amount of net cash flow from operating activities would be reported on the statement of cash flows? c. What amount of rent expense would be reported on the income statement? d. What amount of total liabilities would be reported on the balance sheet? e. What amount of supplies expense would be reported on the income statement? f. What amount of unearned revenue would be reported on the balance sheet? g. What amount of net cash flow from investing activities would be reported on the statement of cash flows? h. What amount of total expenses would be reported on the income statement? i. What total amount of service revenue would be reported on the income statement? j. What amount of cash flows from financing activities would be reported on the statement of cash flows? k. What amount of net income would be reported on the income statement? I. What amount of retained earnings would be reported on the balance sheet? Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Accounting Equation Req A to L Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Year 2 financial statements. (Mint: Enter items in general ledger accounts under the accounting equation before answering the questions) (Do not round intermediete calculations. Enter any decreases to account balances with a minus sign) Accounting Equation Assets Lisbilities Stockholders' Equity Date Accounts Receivable Prepaid Rent Accounts Payable Salaries Uneaned Common Retained Cash Land Supplies Payable Revenue Stock Earnings Bal Jan. 1 Feb. 1 Mar 1 Apri 1 May 1 July 1 t Sept 1 Oct 1 Dec 31 Dec. 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 ol Ba eg A to LX 12 Complete this question by entering your answers in the tabs below. Accounting Equation Reg to L 24 points What amount would Waddell report for land on the balance sheet? What amount of net cash flow from operating activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.) What amount of rent expense would be reported on the income statement? (Do not round intermediate calculations.) What amount of total liabilities would be reported on the balance sheet? What amount of supplies expense would be reported on the income statement? What amount of unearned revenue would be reported on the balance sheet? (Do not round intermediate calculations.) What amount of net cash flow from investing activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.) What amount of total expenses would be reported on the income statement? (Do not round intermediate calculations.) What total amount of service revenue would be reported on the income statement? (Do not round intermediate calculations.) What amount of cash flows from financing activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.) What amount of net income would be reported on the income statement? (Do not round intermediate calculations.) What amount of retained earnings would be reported on the balance sheet? (Do not round intermediate calculations.) eBook Print References Show less A a. Land b. Net cash flow from operating activities c. Rent expense d. Total iabilities e Suppies expense f Uneamed revenue gNet cash flow from investing activities h. Total expenses i.Service revenue JCash flows from financing activites k. Net income I. Retained earmings
