Problem 2-24A (Algo) Identifying and arranging accounts on financial statements LO 2-2, 2-3, 2-4, 2-5 The following information was drawn from the records of Bennett Company: Common stock issued Cash flow from investing activities Notes payable (ending) Service revenue Other operating expenses Salary expense Interest payable (ending) Common stock (beginning) Cash flow from operating activities Cash (beginning) Paid cash to reduce accounts payable $ 6,500 (47,000) 25,000 79,500 35,000 25,800 4,500 55,000 48,000 32,500 33,000 Retained earnings (beginning) Cash flow from financing activities Accounts payable (ending) Dividends Cash (ending) Accounts receivable (ending) Interest expense Accrued salaries payable (ending) Land (ending) Cash collected from accounts receivable $12,000 3,500 25,000 4,500 37,000 33,000 5,500 6,500 74,000 80,000 Required a. Use the appropriate accounts and balances from Bennett Company to construct an end of period income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows. b. Assume all revenue was recognized on account. Determine the beginning accounts receivable balance. C. Assume the accounts payable account is associated with other operating expenses and that all other operating expenses are incurred on account. Determine the beginning accounts payable balance che Reg A1 Reg A2 Req A3 Req A4 Reg B Reqc Use the accounts and balances from Bennett Company to construct an end of period income statement. BENNETT COMPANY Income Statement For the Year Ended December 31, Year 2 Revenue $ 0 Total revenue Expenses 0 Total expenses $ 0 Ben 12 Check Req A1 Req A2 Req A3 Req A4 ReqB Reqc Use the accounts and balances from Bennett Company to construct a statement of changes in stockholders' equity. BENNETT COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock 0 Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity 0 0 $ Complete this question by entering your answers in the tabs below. Reg A1 Req A2 Req A3 Req A4 Req Reqc Use the accounts and balances from Bennett Company to construct a statement of cash flows. (Amounts to be deducted and cash outflows should be indicated with a minus sign.) BENNETT COMPANY Statement of Cash Flows For the Year Ended December 31, Yoar 2 Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Net change in cash 0 $ 0 Ending cash balance Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req A3 Req A4 Req B Reqc Assume all revenue was recognized on account. Determine the beginning accounts recevable balance. (Amounts to be deducted should be indicated with a minus sign.) BENNETT COMPANY Accounts Receivable Summary Beginning AR balance Increase in AR from service revenue Reduction in AR from collections Endings accounts receivable balance Complete this question by antering your answers in the tabs below. Req A1 Req A2 Req A3 Req A4 Req B Reqc Assume the accounts payable account is associated with other operating expenses and that all other operating expenses are incurred on account. Determine the beginning accounts payable balance. (Amounts to be deducted should be indicated with a minus sign.) BENNETT COMPANY Accounts Payable Summary Beginning accounts payable balance Ending accounts payable balance