pls i dont know why answer isn't complete
Required information [The following information applies to the questions displayed below) Colton Enterprises experienced the following events for Year 1, the first year of operation 1. Acquired $46,000 cash from the issue of common stock 2. Paid $13,100 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2 3. Performed services for customers on account for $94.000. 4. Incurred operating expenses on account of $40,500 5. Collected $72,000 cash from accounts receivable 6. Paid $32,000 cash for salary expense. 7. Paid $32,400 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent (See Event 2.) 9. Recorded $4,600 of accrued salaries at the end of Year 1 Events for Year 2 1. Poid $4,500 cash for the salaries accrued at the end of the prior accounting period 2. Performed services for cash of $43,000. 3. Purchased $3,900 of supplies on account 4. Paid $13,800 cash in advance for rent. The payment was for one year beginning April 1. Year 2. 5. Performed services for customers on account for $110,000 6. Incurred operating expenses on account of $52,500 7. Collected $100,000 cash from accounts receivable 8. Paid $50,000 cash as a partial payment on accounts payable 9. Paid $32,600 cash for salary expense. 10. Pold a $14.000 cash dividend to stockholders. Adjusting Entries 11. Made the adjusting entry for the expired rent. (Hint: Part of the rent was paid in Year 1) 12. Recorded supplies expense. A physical count showed that $450 of supplies were still on hand. d-1. Prepare an income statement for Year 1 Answer is not complete. COLTON ENTERPRISES Income Statement For the Year Ended December 31, Year 1 Service revenue $ 94,000 Expenses Salaries expense S 36,600 Operating expenses 40,500 Rent expense 9,825 Total expenses 86.925 $ 7,075 d-2. Prepare a statement of changes in stockholders' equity for Year 1 Answer is not complete. COLTON ENTERPRISES Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock S 0 Plus: Stock issued 46,000 $ 46.000 s 0 Beginning retained earnings Plus: Net income 7,075 Total stockholders' equity 7,075 $ 53,075 d-4. Prepare a statement of cash flows for Year 1. (Enter any decreases to account balances and cash outflows with a minus sign.) Answer is not complete. COLTON ENTERPRISES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Received from customers $ 72,000 $ 72,000 0 Not cash flow from operating activities Cash flows from investing activies Cash flows from financing activities Received from stock issue $ 45000 Net cash flow from financing adivities Net change in cash Plus: Beginning cash balance Ending cash balance 46,000 118.000 0 $ 118,000
