Life, Inc., experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $30,000 cash 2. On February 1 Year 1 paid $21.000 cash to rent office space for the coming year 3. Adjusted the accounts to reflect the amount of rent used during the year, & Required Based on this information alone. a. Record the events under an accounting equation b. Prepare an income statement balance sheet, and statement of cash flows for the Year 1 accounting period, c. Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2? recognized in Year 2? Complete this question by entering your answers in the tabs below. Stmt Req A Req B1 Inc Req B2 Bal Req B3 CF Stmt Sheet Reqc Record the events under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) LIFE, INC. Effect of Events on the Accounting Equation Assets Event Cash Prepaid Rent 1. Performed counseling services 2. Prepaid rent 3. Used rent Totals 0 Stockholders Equity Retained Earnings 0 Req B1 Inc Stmt> a. Record the events under an accounting equation b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting c. Ignoring all other future events, what is the amount of rent expense that would be recognized in YE Complete this question by entering your answers in the tabs below. Stmt Req A Req B1 Inc Req B2 Bal Req B3 CF Sheet Stmt Reqc Prepare an income statement for the Year 1 accounting period. (Do not round intermediate calculations.) LIFE, INC. Income Statement For the Year Ended December 31, Year 1 $ $ Complete this question by entering your answers in the tabs below. Req B1 Inc Req B2 Bal Req B3 CF ReqA Stmt Sheet Strnt Reqc Prepare a balance sheet for the Year 1 accounting period. (Do not round intermediate calculations LIFE, INC Balance Sheet As of December 31, Year 1 Assets es $ 0 Total assets Liabilities Stockholders' Equity Total stockholders equity Total liabilities and stockholders equity 0 $ $ 0 events il Teat I, ILS list year or operation. 1. Performed counseling services for $30,000 cash. 2. On February 1, Year 1. paid $21,000 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone: a. Record the events under an accounting equation b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting c. Ignoring all other future events, what is the amount of rent expense that would be recognized in Yea Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Req B2 Bal Req B3 CF Strnt Sheet Regc Stmt Ignoring all other future events, what is the amount of rent expense that would be recognized in Year ?? (D- intermediate calculations.) Rent expense to be recognized in Year 2
