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Most of it is complete it just says problem incomplete and I'm trying to figure out what I'm doing wrong The trial balance of Pacilio
Most of it is complete it just says problem incomplete and I'm trying to figure out what I'm doing wrong
The trial balance of Pacilio Security Services, Incorporated as of January 1. Year 3. had the following normal balances: Cash Accounts Receivable Supplies Prepaid Rent Land Accounts Payable Unearned Revenue Salaries Payable Notes Payable Common Stock Retained Earnings $8,982 1,500 65 880 4,000 1,050 200 1,200 2,eee 8,888 2,815 cash. During Year 3. Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 2. 2. Paid the balance of $2,000 on the debt owed to the Small Business Government Agency. The loan is interest-free. 3. Performed $32,000 of security services for numerous local events during the year. $21,000 was on account and $11,000 was for 4. On May 1, paid $3.000 for 12 months' rent in advance. 5. Purchased supplies on account for $700. 6. Paid salaries expense for the year of $9.000. 7. Incurred other operating expenses on account. $4,200. 8. On October 1. Year 3, a customer paid $1,200 for services to be provided over the next 12 months. 9. Collected $19,000 of accounts receivable during the year. O. Paid $5,950 on accounts payable. 11. Paid $1,800 of advertising expenses for the year. 2. Paid a cash dividend to the shareholders of $4.650. 13. The market value of the land was determined to be $5,500 at December 31. Year 3. Adjustments 4. There was $120 of supplies on hand at the end of the year. 5. Recognized the expired rent. 6. Recognized the earned revenue from Year 2 and transaction number 8. 17. Accrued salaries were $1.000 at December 31, Year 3. Requirement General Journal General Ledger Trial Balance Income Statement Changes in SE Balance Sheet Statement of CF Analysis Prepare the statement of cash flow for year ended December 31, Year 3. (Enter cash outflows with a minus sign.) PACILIO SECURITY SERVICES, INC. Statement of Cash Flows For the Year Ended December 31, Year 3 Cash flows from operating activities: Cash receipts from customers s 31,200 Cash payment for expenses (20.950) S 10,250 Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Cash payments on loan Cash payments for dividends (2.000) (4.650) Net cash flow from financing activities Net increase in cash Add: Beginning cash balance Ending cash balance (6.650) 3,600 8,900 S 12.500 Requirement General Journal General Ledger Trial Balance Income Statement Changes in SE Balance Sheet Statement of CF Analysis Indicate whether the transaction increases (+), decreases (-), or increases and decreases (+/-) for each element of the financial statements. Also, in the Cash Flow column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity. The first transaction is recorded as an example. PACILIO SECURITY SERVICES, INC. Effect of Transactions on Financial Statements - Year 3 Balance Sheet Income Statement Statement of Cash Net Transaction = Liabilities + S. Equity Revenue Expenses Assets Flows Income 1. OA 2 FA 3. 4 OA 5. 6. OA 7. 8. OA 9. OA 10. 11. 12. FA 13. 14. 15. 16. 17Step by Step Solution
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