Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

not sure how to solve this? my work At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account

image text in transcribednot sure how to solve this?

my work At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 32,100 19,500 11,100 29,600 10,900 The following events apply to Oak Consulting for Year 2: 1. Provided $71,700 of services on account. 2. Incurred $3,200 of operating expenses on account. 3. Collected $46,300 of accounts receivable. 4. Paid $35,600 cash for salaries expense. 5. Paid $12,870 cash as a partial payment on accounts payable. 6. Paid a $8,200 cash dividend to the stockholders. Exercise 13-22A Part c. Show the effect of above adjustment in a horizontal statements model. (Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Not all cells in the "Statement of Cash Flows" column may require an input - leave cells blank if there is no corresponding input needed.) OAK CONSULTING Effect of Transactions on the Financial Statements for Year 2 Balance Sheet Income Statement Liabilities + Stockholders' Equity Revenue Expenses = Net Income Statement of Cash Flows Accounts Common Retained + Payable Stock Earnings Assets Accounts Receivable No Cash + + + Bal. 1 + + + = 2 + + + 3 + + + 4 + + + 5 + + + 6 + + + Bal. + + +

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

Acca F7 Financial Reporting Practice And Revision Kit

Authors: BPP Learning Media

1st Edition

1472726898, 978-1472726896

More Books

Students also viewed these Accounting questions

Question

find all matrices A (a) A = 13 (b) A + A = 213

Answered: 1 week ago