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Problem 3-28A (Algo) Show how the events affect the financial statements using a horizontal statements model LO 3-2, 3-3 The following events pertain to
Problem 3-28A (Algo) Show how the events affect the financial statements using a horizontal statements model LO 3-2, 3-3 The following events pertain to Super Cleaning Company: 1. Acquired $16,500 cash from the issue of common stock. 2. Provided $14,500 of services on account. 3. Provided services for $5,500 cash. 4. Received $3,900 cash in advance for services to be performed in the future. 5. Collected $10,500 cash from the account receivable created in Event 2. 6. Paid $6,500 for cash expenses. 7. Performed $1,950 of the services agreed to in Event 4. 8. Incurred $3,000 of expenses on account. 9. Paid $1,850 cash in advance for one-year contract to rent office space. 10. Paid $2,650 cash on the account payable created in Event 8. 11. Paid a $3,000 cash dividend to the stockholders. 12. Recognized rent expense for nine months' use of office space acquired in Event 9. Required: Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Statement of Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. The first event is recorded as an example. Note: Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input. Event Number SUPER CLEANING COMPANY Effect of Events on the Financial Statements Balance Sheet Income Statement Cash Assets Accounts Receivable Liabilities Prepaid Rant Accounts Pavahle Unearned Revanue Common Stock Stockholders' Equity Retained Farminne Revenue Expenses
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