Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Options for the left side: accounts payable, accounts receivable, cash, common stock, dividends, insurance expense, prepaid insurance, pre-paid rent, rent expense, retained earnings, salaries expense,

image text in transcribed

image text in transcribed

Options for the left side: accounts payable, accounts receivable, cash, common stock, dividends, insurance expense, prepaid insurance, pre-paid rent, rent expense, retained earnings, salaries expense, salaries payable, utilities expense

image text in transcribed

Options for the left side: accounts payable, accounts receivable, cash, common stock, dividends, insurance expense, prepaid insurance, pre-paid rent, rent expense, retained earnings, salaries expense, salaries payable, utilities expense

image text in transcribed

Options for the left side text boxes:

image text in transcribed

Last text box option above "ending cash balance" : "Plus/Less: Begining cash balance"

image text in transcribed

Format it the way it's displayed in the images - Please insure the formatting isn't confusing in the final post - some tables are incorrectly made and hard to understand where the numbers are supposed to be placed, please show me where the numbers are coming from and how you came to the solution. If possible, replicate these tables in excel and format them the same way as shown in the photos.

Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $15,000 cash. 2. Purchased $6,000 of supplies on account. 3. A physical count on December 31 , Year 1 , found that there was $1,250 of supplies on hand. 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. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with a minus sign.) Complete this question by entering your answers in the tabs below. Prepare an income statement for the Year 1 accounting period. Complete this question by entering your answers in the tabs below. Prepare a balance sheet for the Year 1 accounting period. repare the statement of cash flows for the Year 1 accounting period. (Enter cash outflows with a minus sign.) YARD PROFESSIONALS INC. Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Cash paid for rent Cash paid for salary expense Cash receipt from revenue Supplies What is the balance in the Supplies account as of January 1 , Year 2? What is the balance in the Supplies Expense account as of January 1, Year 2

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

Step: 3

blur-text-image

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

Transfer Pricing Audits In China

Authors: J. Li, A. Paisey

2007th Edition

0230001963, 978-0230001961

More Books

Students also viewed these Accounting questions