Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

January 3 0 Established the business when it acquired $ 4 7 , 0 0 0 cash from the issue of common stock. February 1

January 30 Established the business when it acquired $47,000 cash from the issue of common stock.
February 1 Paid rent for office space for two years, $24,000 cash.
April 10 Purchased $700 of supplies on account.
July 1 Rceived $28,500 cash in advance for services to be provided over the next year.
July 20 Paid $525 of the accounts payable from April 10.
August 15 Billed a customer $9,700 for services provided during August.
September 15 Completed a job and received $3,400 cash for services rendered.
october 1 Paid employee salaries of $36,000 cash.
october 15 Received $9,000 cash from accounts receivable.
November 16 Billed customers $36,000 for services rendered on account.
December 1 Paid a dividend of $1,200 cash to the stockholders.
December 31 Adjusted records to recognize the services provided on the contract of July 1.
December 31 Recorded $2,400 of accrued salaries as of December 31.
December 31 Recorded the rent expense for the year. (See February 1.)
December 31 Physically counted supplies; $70 was on hand at the end of the period.
Problem 13-33A (Algo) Part d
d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1.
Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Cost Accounting

Authors: M.E. Thukaram Rao

3rd Edition

8122433820, 978-8122433821

More Books

Students also viewed these Accounting questions

Question

which exciting list records can be updated

Answered: 1 week ago

Question

Did you open with an issue explanation?

Answered: 1 week ago