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Gifford Company experienced the following accounting events during Year 1: 3 1. Started operations on January 1 when it acquired $26,000 cash by issuing common stock. 2. Earned $25,200 of revenue on account. 3. On March 1 collected $43,200 cash as an advance for services to be performed in the future. 4. Paid cash operating expenses of $23,000. 5. Paid a $3,300 cash dividend to stockholders. 6. On December 31, Year 1, adjusted the books to recognize the revenue earned by providing services related to the advance described in Event 3. The contract required Gifford to provide services for a one-year period starting March 1. 7. Collected $21,000 cash from accounts receivable. Gifford Company experienced the following accounting events during Year 2: 1. Recognized $45,200 of cash revenue. 2. On April 1, paid $12,720 cash for an insurance policy that provides coverage for one year beginning immediately. 3. Collected $2,600 cash from accounts receivable. 4. Paid cash operating expenses of $27,000. 5. Paid a $5,600 cash dividend to stockholders. 6. On December 31, Year 2, adjusted the books to recognize the remaining revenue earned by providing services related to the advance described in Event 3 of Year 1. 7. On December 31, Year 2, Gifford adjusted the books to recognize the amount of the insurance policy used during Year 2. Required a. Record the events in a financial statements model. The first event is recorded as an example. b. What amount of revenue would Gifford report on the Year 1 income statement? c. What amount of cash flow from customers would Gifford report on the Year 1 statement of cash flows? d. What amount of unearned revenue would Gifford report on the Year 1 and Year 2 year-end balance sheets? e. What are the Year 2 opening balances for the revenue and expense accounts? f. What amount of total assets would Gifford report on the December 31, Year 1, balance sheet? GIFFORD COMPANY Horizontal Financial Statements For Year 1 Balance Sheet Income Statement Assets + Event No. Statement of Cash Flows Liabilities Unearned Revenue Accounts Receivable Cash + Stockholders' Equity Common Retained + Stock Earnings Prepaid Insurance + + Revenue Expense Net Income Year 1 1. 26,000 + + + 26,000 + 26,000 FA 2. + + + 3. + 4. + : + + + + + + + + + = 5. + 6. + + + 7. + + + + Bal. 26,000 + 0 + 0 = 0 + + 0 0 0 = 0 26,000 GIFFORD COMPANY Horizontal Financial Statements For Year 2 Balance Sheet Income Statement Assets Event No. Liabilities + Statement of Cash Flows Cash Accounts Receivable + Stockholders' Equity Common Retained + Stock Earnings Prepaid Insurance + Unearned Revenue + Revenue Expense Net Income Bal. + + + + + 1. + + + 2. + + + + - 3. + = 4. + + = - + + + + 5. + + - + + + + + + + 6. + + E + 7. + + Bal. 0 + 0 + 0 = 0 + 0 + 0 0 0 b. What amount of revenue would Gifford report on the Year 1 income statement? c. What amount of cash flow from customers would Gifford report on the Year 1 statement of cash flows? d. What amount of unearned revenue would Gifford report on the Year 1 and Year 2 year-end balance sheets? e. What are the Year 2 opening balances for the revenue and expense accounts? f. What amount of total assets would Gifford report on the December 31, Year 1, balance sheet? Show I b. Revenue C. d. Unearned revenue for Year 1 Unearned revenue for Year 2 e. Revenue account, opening balance Expense account, opening balance Total assets f.