Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

im so close The following events pertain to Super Cleaning Company: 1. Acquired $16,400 cash from the issue of common stock. 2. Provided $14,400 of

im so close
image text in transcribed
The following events pertain to Super Cleaning Company: 1. Acquired $16,400 cash from the issue of common stock. 2. Provided $14,400 of services on account. 3. Provided services for $5,400 cash. 4. Received $3,800 cash in advance for services to be performed in the future. 5. Collected $10,400 cash from the account receivable created in Event 2. 6. Paid $6.400 for cash expenses. 7. Performed $1,900 of the services agreed to in Event 4. 8. Incurred $2,900 of expenses on account. 9. Paid $1,800 cash in advance for one-year contract to rent office space. 0. Paid $2.550 cash on the account payable created in Event 8. 11. Paid a $2,900 cash dividend to the stockholders. 2. Recognized rent expense for nine months' use of office space acquired in Event 9. Required Show the effects of the events on the financial statements using the following horizontal statements model. In the Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. If an account is not affected by the event, leave the cell blank. The first event is recorded as an example. (Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not every cell will require entry.) Answer is not complete. SUPER CLEANING COMPANY Effect of Events on the Financial Statements Liabilities Stockholders' Equity Event Assets Accounts Receivable No. Cash Prepaid Rent Accounts Payable + Unearned Revenue Common Stock 16,400 + + 16,400 . + . + 5,400. 3,800. 10,400. 122447 4 14,400. . (10,400). Prev W W 1 of 6 + * 3,800. Next > . Return to question Retained Earnings 5.400 10,400 RAT Revenue. 14,400 5,400 th Ince

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions