Hi

This is my Account (2210) homework, Chapter 2 ( Accounting for Accruals and Deferrals).It's problem-solving sheet. I attached the EXAL fail for the homework.

Book name is: Fundamental Financial Accounting Concepts (Eight Edition)

Thank you.

ACCT 2210 Chapter 2 Homework Assignment (10 points) Due: Sunday, January 29 at 11:00 pm Sumbit assignment electronically through Canvas Name Section: 2:30 4:00 6:00 The trial balance of PSS Inc as of January 1, 2012, was as follows: Cash Land Notes Payable Common Stock Retained Earnings $8,500 $4,000 Note: Always confirm the accounting equation $5,000 balances at the start of any period (year). Per the data given to the left, does the acct equation $6,000 balance in this case? $1,500 During 2012, PSS experienced the following transactions: 1) Acquired an additional $2,000 from the issuance of common stock. 2) Paid $3,000 on the debt owed to the Small Business Government Agency. This loan is interest free. 3) Performed $21,000 of security services for numerous local events during the year; $15,000 was on account and $6,000 was cash. 4) On May 1, rented a small office building. Paid $2,400 for 12 months' rent in advance. 5) Purchased supplies on account for $650. 6) Paid salaries expense for the year of $8,000. 7) Incurred other operating expenses on account, $6,200. 8) On September 1, 2012, a customer paid $600 for services to be provided over the next six months. 9) Collected $13,500 of accounts receivable during the year. 10) Paid $5,800 on accounts payable. 11) Paid $1,500 of advertising expenses for the year. 12) Paid a cash dividend to the shareholders of $1,000. 13) The market value of the land was determined to be $5,000 at December 31, 2012. Information for Adjustments: 14) There was $65 of supplies on hand at the end of the year. 15) recognized the expired rent. 16) Recognized the revenue earned from Transaction 8. 17) Accrued salaries were $1,200 at December 31, 2012. Required: A. Record the above transactions in an accounting equation. Provide the appropriate account titles for the amounts shown in the Retained Earnings column. (See Horizontal model analysis tab.) B. Prepare an income statement, statement of changes in stockholder's equity, balance sheet, and statement of cash flows for 2012. (See generic financial stmts tab.) C. After completing parts A & B, answer the following four questions: 1) For transaction #4 above, identify the type of event it is. 2) For transaction #7 above, identify the type of event it is. 3) What amount of revenue did PSS report on its income statement for 2012? 4) Comment on why reported revenues for 2012 are different than reported cash receipts from revenue for 2012. Use full sentences in your response. Acct 2210: Generic Horizontal Financial Statements Model (for transaction recording and analysis) NOTE: STUDENTS MAY USE ELECTRONICALLY WITH EXCEL OR PRINT & WRITE MANUALLY IN PENCIL NOTES: 1) This "Horizontal Financial Statements Model" Template is the same format as introduced on Page 25 of the textbook. When in doubt, review pg 25. 2) Formulas have been placed where required, but be sure to confirm they are correct for any changes made. 3) Study the formulas to understand the relationships and consider using this template for homework problems. 4) Feel free to add rows or columns to accommodate additional accounts or transactions (and confirm formulas). Balance Sheet (i.e. The Accounting Equation) Assets = Liabilities Income Statement + ADD ACCOUNTS BELOW AS NECESSARY Event # Common Earnings Revenues + = + - = $ - $ - 2 = + - = $ - $ - 3 = + - = $ - $ - 4 = + - = $ - $ - 5 = + - = $ - $ - 6 = + - = $ - $ - 7 = + - = $ - $ - 8 = + - = $ - $ - 9 = + - = $ - $ - 10 = + - = $ - $ - 11 = + - = $ - $ - 12 = + - = $ - $ - 13 = + - = $ - $ - 14 = + - = $ - $ - 15 = + - = $ - $ - 16 = + - = $ - $ - - = $ - $ - - $ $ - = $ - = $ Total Assets - $ - Total Claims (to those assets) = STUDY NOTES BELOW: - $ - + $ Expenses XXX - $ - $ = CF = - $ - Net 1 - $ + (Enter positive numbers) BEG BAL - $ Stock Retained + $ LAND Cash Flows "Detailed Classification" = NOTES PAY Totals CASH Stockholder's Equity XXX - - $ Income Amount XXX TYPE XXX XXX FA Acct 2210: Generic Financial Statements (for preparation of financial statements) NOTE: CREATE FORMULAS AS NEEDED Income Statement 2012 Revenues Expenses (combined): Net Income - Statement of Changes in Shareholder's Equity Beginning Common Stock - Plus: Issued Common Stock Ending Common Stock - Beginning Retained Earnings Plus: Net Income - Less: Dividends Ending Retained Earnings - Total Shareholder's Equity - Balance Sheet Assets Cash Land Total Assets - Liabilities Notes Payable Total Liabilities - Equity Common Stock - Retained Earnings - Total Equity - Total Liab. & Equity - Statement of Cash Flows Cash Flows From Operating Activities Cash Receipts from Revenues Cash Payments for Expenses Net Cash Flows From Operating Activities Cash Flows From Investing Activities Cash Inflows for: Cash Outflows for: Net Cash Flows From Investing Activities Cash Flows From Financing Activities Proceeds from Debt Payments of Debt Proceeds from Stock Issuance Dividends Paid to Shareholders Net Cash Flows From Financing Activities Net Change in Cash Plus: Beginning Cash Balance Ending Cash Balance (agrees to B/Sheet)