Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. (Statement of

please help
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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.) Required Information The following information applies to the questions displayed below]. The following transactions pertain to Smith Training Company for Yeart: Jak. 30 Establisbed the business when \\( 1 t \\) acquired \\( \\$ 52,000 \\) cash fros the issue of conton stock. Feb. 1 pald rent for offtce space for twe years, s3e, eas cash. Apr. 10 Purchased 5790 of supplies on account. Juty 1 Received \\( \\$ 26 \\), eab cash in advance for services to be provided over the next year. 20 paid \\( \\$ 593 \\) of the accounts poyable fron Aprit 10. Aug. 15 billed a customer 510,100 for services provided doring August. Sept, 15 completed a job and received \\( \\$ 2,500 \\) cash for services rendered. oct. 1 paid enployee sataries of \\( \\$ 34 \\), 50 casti. 15 Received \\( 57,50 a \\) cash from acceunts recelvable. Nov. 15 Billed custorers \\( \\$ 35,50 a \\) for services rendered an account. Dec. 1 Paid a dividend of \\( \\$ 1,3 \\) eo cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded \\( \\$ 2,30 \\) of accrued salaries as of December 31. 31 Recorded the ront expense for the year. (See february 1.) 31 Physicalty counted supplies; \\( \\mathbf{3 1 2 0} \\) was on hand at the end of the pericd. d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash fiows for Yosi 1. istatement of Cash Flows only, enter any decreases to account balances and cash outhows with a minus sign.)

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

Auditing

Authors: Karla M. Johnstone, Audrey A. Gramling, Larry E. Rittenberg

8th International Edition

0538477660, 978-0538477666

More Books

Students also viewed these Accounting questions

Question

8. Do the organizations fringe benefits reflect diversity?

Answered: 1 week ago

Question

7. Do the organizations social activities reflect diversity?

Answered: 1 week ago