! Required information Problem 13-33A (Algo) Comprehensive problem: single cycle LO 13-1, 13-2, 13-3, 13-4 [The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Yeart: Jan. 30 Established the business when it acquired $48,000 cash from the issue of conmon stock. Feb. 1 Paid rent for office space for two years, $30,000 cash. Apr. 10 Purchased $700 of supplies on account. July ! Received $29,000 cash in advance for services to be provided over the next year. 20 Paid $593 of the accounts payable from April 10. Aug. 15 Billed a customer $9.400 for services provided during August. Sept. 15 Completed a job and received $2,900 cash for services rendered. Oct. 1 Paid employee salaries of $36,000 cash. 15 Received $7,500 cash from accounts receivable. Nov. 16 Billed customers $34,000 for services rendered on account. Dee. 1 Paid a dividend of $1,400 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,050 of accrued salarios as of December 31. 31 Recorded the rent expense for the year. (Soo February 1.) 31 Physically counted supplied: $80 was on hand at the end of the period. Problem 13-33A (Algo) Part d Answer is not complete. SMITH TRAINING COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: 0 Net cash flows from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities 0 0 Ending cash balance 0 Required information 2,050 End. Bal. 48,000 End, Bal. Retained Earnings Bog. Bal. 0 Beg. Bal. Dividends 1,400 1,400 X 60800 1. 3. 52,510 1.400 X 2. 2. End. Bal. 6,890 End. Bal. Beg. Bal. 1. Service Revenue 60,800 60,800 Bog. Bal. Salaries Expense 13,750 13,750 X 2. End. Bal. End. Bal. Beg. Bal. Rent Expense 38,050 38,050 X Beg. Bal. Supplies Expense 710 710 2. . 2. End. Bal End. Bal. Problem 13-33A (Algo) Part f of 6 f. Prepare a post-closing trial balance for Year 1. Answer is complete but not entirely correct. Credit SMITH TRAINING COMPANY Post-Closing Trial Balance December 31, Year 1 Account Titles Debit Cash $ 19,407 Accounts receivable 35,900 Supplies 16,250 $ Prepaid rent 80 Accounts payable Unearned revenue Salaries payable Common stock Retained earnings 197 >> 14,500 2,050 48,000 6,890 Totals $ 71,637 $ 71,637 Required information Problem 13-33A (Algo) Comprehensive problem: single cycle LO 13-1, 13-2, 13-3, 13-4 (The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $48,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $30,000 cash. Apr. 10 Purchased $790 of supplies on account. July 1 Received $29.000 cash in advance for services to be provided over the next year. 20 Paid $593 of the accounts payable from April 10. Aug. 15 Billed a customer $9.400 for services provided during August. Sept. 15 Completed a job and received $2,900 cash for services rendered. Oct. 1 Paid employee salaries of $36,000 cash. 15 Received $7.500 cash from accounts receivable. Nov. 16 Billed customers $34,000 for services rendered on account. Dec. 1 Paid a dividend of $1,400 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,050 of accrued salaries as of December 31. 31 Recorded the rent exponse for the year. (See February 1. ) 31 Physically counted supplies) $80 was on hand at the end of the period. Problem 13-33A (Algo) Part d d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. (Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign.) Answer is complete and correct. Check my work mode : This shows what is correct or incorrect for the Required information 5 Answer is not complete. SMITH TRAINING COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: 0 Net cash flows from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities 0 0 Ending cash balance 0
