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Required information [The following information applies to the questions displayed belowj The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established
Required information [The following information applies to the questions displayed belowj The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $54,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $16,000 cash. Apr. 10 Purchased $900 of supplies on account. July 1 Received $23,000 cash in advance for services to be provided over the next year. 20 Paid $675 of the accounts payable from April 10. Aug. 15 Billed a customer $9,600 for services provided during August Sept.15 Completed a job and received $2,500 cash for services rendered. Oct. 1 Paid employee salaries of $31,000 cash. 15 Received $8,700 cash from accounts receivable Nov. 16 Billed customers $37,500 for services rendered on account. Dec. 1 Paid a dividend of $1,500 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,150 of accrued salaries as of December 31 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; $100 was on hand at the end of the period. d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1 (Round your final answers to the nearest whole dollar amount. Statement of Cash Flows only, items to be deducted must be indicated with a negative amount.) SMITH TRAINING COMPANY Financial Statements For the Year Ended December 31, Year 1 Income Statement Expenses Total expenses Statement of Changes in Stockholders' Equity Total Stockholders' Equity SMITH TRAINING COMPANY Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity SMITH TRAINING COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Net cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flows from financing activities Ending cash balance
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