Font Alignment Number X fx B C D E F G (This problem is adapted from Problem 4B-2, part 2, in your text.) Cactus Company's annual accounting year ends on June 30. It is June 30, 2017, and all of the 2017 entries except year-end adjusting journal entries, and the entry to record dividends, have been made. Cactus Company is a service company and has two sources of revenue: Service and Maintenance. Because there are no sales of inventory, the income statement does not contain a line for Gross profit, but does contain a line for Total revenues (the sum of Service revenue and Maintenance revenue). Each of the remaining sheets in this file contains 1) a description of a transaction and 2) a partially completed balance sheet, income statement, and statement of retained earnings. Transactions A through H require adjusting entries on June 30, 2017; transaction I requires an entry to record dividends declared and paid. For each transaction, show how recording the necessary entry would change the financial statements. Each transaction is independent, so you can work through the file in any order you like. All changes are entered in the blue cells on the statements. Each statement has two 16 columns Values in the first column are selected from a drop-down menu. For a given transaction, there may be several (or even many) blue cells that do not need to be changed. 5 19 20 Instructions Trans Transa Trans d Transa Trans Th9 o 6 8 W F Calibri -A 2 Wrap Text Custom BTU 3 NA TEE Merge & Center - $ . %. this Deler Conditional Formatas Cell Formatting Table Styles Forma Celis Fort Alignment Number bix & fr DEFG Statement of Financial Position ASSETS Current assets H Income Statement Service revenue Total revenues Operating expenses: Total current assets Transaction Service truck was purchased on luly 1, 2016. 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Conditional Format as Cell Formatting Table Styles Number Style Font Alignment D EFG Income Statement Statement of Financial Position ASSETS Current assets Total revenues Operating expenses: Transaction Cactus borrowed $24.000 on February 1, 2017 The rulinterest rate is The interest and loan must be repaid in full on January 31, 2015 Total current assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY tlables Current liabilities Total operating expenses Earnings from operations Earnings before income taxes Net income Total current liabilities Total abilities Shareholders Equity Statement of Retained Earnings Bening balance Toulshare Tetesan shareholders gut Ending Dance 03 R. T Y U 1 A S F G . . Z Z X C V B N M . 3 Alt AllG PI HOME PAGE LAYOUT Car Module Transactions Assignment Enter FORMULAS DATA REVIEW VIEW ENTERPRISE CONNECT le insert Wap Test General Delete Es Merge Center * Conditional Format Call Formatting Table Styles Fomut C WE To Font D EFO H Income Statement Statement of Financial Position ASSETS Current assets Total revenues Operating expenses Transaction. The income before tax AFTER the adjustments was $30,000. The company's federal income taxes 30 percent. Nountry has been made ytor income tax Total currentes Total operating expenses Earnings from operations Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Labuities Current abilities Earnings before income taxes Netcome Total current les Total Bibites Shareholders Equity Statement of Red Carins Beginning balance 20 Total shareholders Teatre Endinane Tran como Tie BE e w R P A S F G K v IZ B IN M D EFG H Income Statement Statement of Financial Position ASSETS Current assets: Transaction Cactus declared and paid dividends of $2,000. Total revenues Operating expenses Total current assets Total assets LABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities: Total operating expenses Earnings from operations Earnings before income taxes 14 Netcome Total current liabilities Totalbes Shareholders' Equity Statement of Retained Earnings Beginning balance 21 Total shareholders equity Telesed shareholders equity Ending balance Tran CON B W E R T Y U A S D G H K N N V B . AI ALGE 7:36 Safari Module 4 Transactions Assignment 2 To edit and save, sign in with a subscription Sign in fx 4 2 3 Statement of Financial Pos ASSETS Current assets: 4 5 6 Total current assets 7 8 9 Transaction: A service truck was purchased on July 1, 2016. The truck cost $16,000 and was expected to have a useful life to the business of 8 years, and a residual value of $4,000. The business uses the straight-line method of calculating depreciation 10 11 12 13 14 Total assets LIABILITIES AND SHAREHOLDERS' EQUE Liabilities Current liabilities 15 16 17 18 19 20 21 22 Total current liabilities Total liabilities Shareholders' Equity Total shareholders' equity Total liabilities and shareholders' eauty 25 26 27 28 29 30 31 32 33 34 35 36 38 39 40 2 ... 7:37 Safari 9. Module 4 Transactions Assignment 2 . fx Statement of Financal Pou ASSETS Current assets: 2 3 4 5 6 7 8 Total current assets Transaction: Cash of $4,200 was collected on May 1, 2017, for services to be rendered evenly over the next year, beginning on May 1 Uneamed Service Revenue was credited when the cash was received. Some of it has now been earned but not yet recorded 10 11 12 13 14 Total assets LIABILITIES AND SHAREHOLDERS' EQUI Liabilities Current liabilities: 15 16 17 18 19 20 21 22 Totat current liabilities Total liabilities Shareholders' Equity Total shareholders' equity Total liabilities and shareholders' equity 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Trans d Trans e Transf 7:37 Safari 9. Module 4 Transactions Assignment 2 . fx