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help on this, all are a part of one question! thank you The Containers Incorporated experienced the following events during its first year of operations,
help on this, all are a part of one question! thank you
The Containers Incorporated experienced the following events during its first year of operations, Year 1: 1. Acquired $42,000 cash by issuing common stock. 2. Earned $25,000 revenue on account. 3. Paid $18,000 cash for operating expenses. 4. Borrowed $10,000 cash from a bank. 5. Collected $22,000 of the balance in accounts receivable. 6. Paid a $1,000 cash dividend. Required: Show the effects of the events on the financial statements using a horizontal financial statements model like the following one. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. The first event is recorded as an example. a. Would the accounts receivable account appear in the assets, liabilities, or stockholders' equity section of the December 31 , Year 1 , balance sheet? b. Determine the balance of the accounts receivable account that would appear on the December 31 , Year 1, balance sheet. c. Determine the amount of net income that would appear in the Ycar 1 income statement. d. Determine the amount of the cash flow from operating activities that would appear in the Year 1 statement of cash flows. Show the effects of the events on the financial statements using a herizontal financial statements model like the following one. In the Cash Flow column, use OA to desigr for investment activity, FA for financing activity, and NC for net change in cash. The first event is recerded as an example. Noter Enter any decreases to actount balances with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an input - leave ceils blank if there is necdest Would the accounts receivable account appear in the assets, liabilities, or stockholders' equity section of the December 31 , Year 1, balance sheet? Would the accounts receivable account appear in the assets, liabilities, or stockhoiders' equity section of the December 31 , Year 1 , balance sheet? Complete this question by entering your answers in the tabs below. Determine the balance of the accounts receivable account that would appear on the December 31 , Year 1 , balance sheet. Determine the amount of net income that would appear in the Year 1 income statement. Determine the amount of the cash flow from operating activities that would appear in the Year 1 statement of cash flows Step by Step Solution
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