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Required information [The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1: January 30
Required information [The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1: January 30 February 1 April 10 July 1 July 20 August 15 October 1 October 15 September 15 November 16 December 1 December 31 December 31 December 31 December 31 Established the business when it acquired $51,000 cash from the issue of common stock. Paid rent for office space for two years, $21,000 cash. Purchased $740 of supplies on account. Received $27,000 cash in advance for services to be provided over the next year. Paid $555 of the accounts payable from April 10. Billed a customer $9,700 for services provided during August. Completed a job and received $3,300 cash for services rendered. Paid employee salaries of $32,000 cash. Received $8,100 cash from accounts receivable. Billed customers $39,000 for services rendered on account. Paid a dividend of $600 cash to the stockholders. Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,000 of accrued salaries as of December 31. Recorded the rent expense for the year. (See February 1.) Physically counted supplies; $80 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. Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign. SMITH TRAINING COMPANY Financial Statements. For the Year Ended December 31, Year 1. Income Statement Expenses Total expenses Statement of Changes in Stockholders' Equity: Assets SMITH TRAINING COMPANY Balance Sheet As of December 31, Year 1 Total assets Liabilities Total liabilities 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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