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11 Required information [The following information applies to the questions displayed below.] The following transactions pertain to Accounting Solutions Inc. Assume the transactions for the purchase of the computer and any capital improvements occur on January 1 each year. 2018 Part 1 of 2 1.56 points 03:31:14 1. Acquired $67,000 cash from the issue of common stock. 2. Purchased a computer system for $26,100. It has an estimated useful life of five years and a $2,190 salvage value. 3. Paid $1,600 sales tax on the computer system. 4. Collected $36,350 in fees from clients. 5. Paid $1.210 in fees for routine maintenance to service the computers. 6. Recorded double-declining-balance depreciation on the computer system for 2018. Skipped 2019 eBook Print 1. Paid $720 for repairs to the computer system. 2. Bought off-site backup services to maintain the computer system, $1,160. 3. Collected $39,350 in fees from clients. 4. Paid $970 in fees to service the computers. 5. Recorded double-declining-balance depreciation for 2019. . References 2020 1. Paid $2,600 to upgrade the computer system, which extended the total life of the system to six years. The salvage value did not change. 2. Paid $920 in fees to service the computers. 3. Collected $36,350 in fees from clients, 4. Recorded double-declining balance depreciation for 2020. Required a. Record the above transactions in a horizontal statements model like the following one. (In the Cash Flow column, indicate whether the item is an operating activ an element is not affected by the event, leave the cell blank. Enter any decreases to account balances and cash outflows with a minus sign.) ACCOUNTING SOLUTIONS INC. Horizontal Statements Model - 2018 Balance Sheet Income Statement Assets Event 2018 Stockholders' Equity Common Retained Stock Earnings Statement of Cash Flow Cash Revenue Expense - Net Income Accumulated Depreciation + Equipment 1. 2. 3 4 + + + + + + + 5 6 Bal 0 0 = 0 = 0 ACCOUNTING SOLUTIONS INC Horizontal Statements Model 2019 Balance Sheet Income Statement Assets Event 2019 Statement of Cash Flow Stockholders' Equity Common Retained Stock Earnings Revenue Cash - Net Income Accumulated Depreciation Equipment Expenne Bal 1 2 3 4 5 Bal 0 0 0. ACCOUNTING SOLUTIONS INC. Horizontal Statements Model - 2020 Balance Sheet Income Statement Assets Event 2020 Statement of Cash Flow Stockholders' Equity Common Retained Stock Earnings Revenue Expense Net Income Cash Accumulated Depreciation Equipment Bal 1. 2. 3. 4 Bal 0 0 0. 0. b-1. Prepare an income statement for 2018, 2019, and 2020. ACCOUNTING SOLUTIONS INC. Income Statement For the Year Ended December 31 2018 2019 2020 Expenses Total expenses 0 0 0 b-2. Prepare a statements of changes in stockholders' equity for 2018, 2019, and 2020. ACCOUNTING SOLUTIONS INC. Statements of Changes in Stockholders' Equity For the Year Ended December 31 2018 2019 Beginning common stock 2020 0 0 Ending common stock Beginning retained earnings 0 0 Ending retained earnings Total stockholders' equity 0 $ 0 $ 0 $ 0 b-3. Prepare a balance sheet for 2018, 2019, and 2020. ACCOUNTING SOLUTIONS INC. Balance Sheet As of December 31 2018 2019 2020 Assets Total Assets $ $ 0 $ 0 $ 0 Liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity 0 0 $ 0 0 $ 0 $ 0 1 HUHUU MIU MIUIVIVIMUI WYMI Required information b-4. Prepare a statements of cash flows for 2018, 2019, and 2020. (Amou ACCOUNTING SOLUTIONS INC. Statements of Cash Flows 2018 2019 2020 Cash flows from operating activities 0 0 0 Net cash flows from operating activities Cash flows from investing activities 0 Net cash flows from investing activities Cash flows from financing activities 0 0 Net cash flows from financing activities Net change in cash 0 0 0 0 0 0 Ending Cash Balance $ 0 $ 0 $ 0
