Need assistance with 3 parts: Income Statement, Statement of Cash Flows, and Analysis (as depicted). Thank you.
The trial balance of Pacilio Security Services, Inc. as of January 1. Year 5, had the following normal balances: Cash Accounts receivable Supplies Prepaid rent Merchandise inventory9 $248) Land Accounts payable Salaries payable Common stock Retained earnings $62,860 20,580 15e 2,800 2,160 4,000 980 1,500 50,800 39,190 During Year 5, Pacilio Security Services experlenced the following transactions: 1 Paid the salarles payable from Year 4 2. On January 15, purchased 20 standard alarm systems for cash at a cost of $250 each 3. On February 1, paid the accounts payable of $980, but not within the discount period. (The company uses the gross method.) 4. On March 1, leased a business van. Paid $4,800 for one year's lease in advance 5. Paid $7.200 on May 1 for one year's rent on the office in advance 6 Purchased with cash $500 of supplies to be used over the next several months by the business 7. Purchased with cash another 25 alarm systems on August 1 for resale at a cost of $260 each. 8. On September 5. purchased on account 30 standard alarm systems at a cost of $265. 9. Installed 60 standard alarm systems for $33,000. Sales of $22.000 were on account, while $11.000 were cash sales. 10. Record the cost of goods sold related to the sale from Event 9 using the perpetual FIFO method. 11. Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260. Record the reversal of revenue. 12. Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260. Record the reversal of cost 13. Pald installers and other employees a total of $21,000 cash for salaries 14 Sold $45.000 of monitoring services durina the vear. The services are hilled to the customers each month 7. Purchased with cash another 25 alarm systems on August 1 for resale at a cost of s 8. On September 5, purchased on account 30 standard alarm systems at a cost of $265. 9. Installed 60 standard alarm systems for $33,000. Sales of $22.000 were on account, while $11,000 were cash sales. 10. Record the cost of goods sold related to the sale from Event 9 using the perpetual FIFO method. 11. Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260. Record the reversal of revenue. $260. Record the reversal of cost. 13. Paid installers and other employees a total of $21,000 cash for salaries. 14. Sold $4 5.000 of monitoring services during the year. The services are billed to the customers each month. an addlitional monitoring service for $1.200 for one year's service. The customer paid the full amount of $1.200 on October 1 16. Collected $74,000 of accounts receivable during the year. 17. Paid an additional $6,000 to settle some of the accounts payable. 18. Paid $3,500 of advertising expense during the year 19. Pald $2.320 of utilities expense for the year. 20. Pald a dividend of $15,000 to the shareholders. Adjustments 21. There was $200 of supplies on hand at the end of the year 22. Recognized the expired rent from the prior year, van and office building for the year. 23. Recognized the revenue earned from transaction 15. 24. Accrued salaries at December 31, Year 5, were $1,000. General General Trial Balance Statement Incomehanges in Balance Statement RequirementJournal Ledger SE Sheet of CF Journal tab Prepare the journal entries t ransactions (1) through (2 n prepare the necessary adjusting entries (21) through (24) to correctly report net income for the period. Then record the closing entries (25) through (27) as of December 31, Year 5 General Ledger tab Each journal entry is posted automatically to the general ledger. Trial Balance tab The ending balance values from the General Ledger tab flows through to the Trial Balance tab. Income Statement tab-Use the drop-down to select the accounts properly included on the income statement. Statement of Changes in Stockholders' Equity tab- Prepare the statement of changes in stockholders' equity for the year ended December 31, Year 5 Balance Sheet tab Prepare a classified Balance Sheet at December 31, Year 5 Statement of Cash flows - Prepare the statement of cash flow for year ended December 31, Year 5. Analysis tab Use a horizontal statements model to show how each transaction affects the balance sheet, income statement, and statement of cash flows
