Simpson Company had the following balances in its accounting records as of December 31, Year 1: Help Assets Cash Accounts Receivable Land Total $ 40,000 9,000 51,080 $100,000 Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total $ 7,500 45,000 47,500 $100,000 The following accounting events apply to Simpson Company's Year 2 fiscal year. Jan. Feb. Mar. . May July Sept. Oct. 1 Acquired $20,000 cash from the issue of common stock. 1 Paid $6,000 cash in advance for a one-year lease for office space. 1 Paid a $2,000 cash dividend to the stockholders. 1 Purchased additional land that cost $15,000 cash. 1 Made a cash payment on accounts payable of $5,500. 1 Received $9,600 cash in advance as a retainer for services to be performed monthly over the coming year. 1 Sold land for $30,000 cash that had originally cost $30,000. 1 Purchased $2,500 of supplies on account. 31 Earned $58,000 of service revenue on account during the year. 31 Received cash collections from accounts receivable amounting to $46,000 31 Incurred other operating expenses on account during the year that amounted to $28,000. 31 Recognized accrued salaries expense of $6,500. 31 Had $50 of supplies on hand at the end of the period. 31 The land purchased on April i had a market value of $20,000. Dec. Required Based on the preceding information, answer the following questions for Simpson Company. All questions pertain to the Year 2 financial statements. (Hint Enter items in general ledger accounts under the accounting equation before answering the questions.) a. What amount would Simpson report for land on the balance sheet? b. What amount of net cash flow from operating activities would be reported on the statement of cash flows? c. What amount of rent expense would be reported on the income statement? d. What amount of total liabilities would be reported on the balance sheet? e. What amount of supplies expense would be reported on the income statement? f. What amount of uneared revenue would be reported on the balance sheet? g. What amount of net cash flow from investing activities would be reported on the statement of cash flows? h. What amount of total expenses would be reported on the income statement? Incognito (2) Help Save & Exit Submit g. What amount of net cash flow from investing activities would be reported on the statement of cash flows? h. What amount of total expenses would be reported on the income statement? i. What amount of service revenue would be reported on the income statement? j. What amount of cash flows from financing activities would be reported on the statement of cash flows? k. What amount of net income would be reported on the income statement? 1. What amount of retained earnings would be reported on the balance sheet? Complete this question by entering your answers in the tabs below. Accounting Equation Reg A to Based on the preceding information, answer the following questions for Simpson Company. All questions pertain to the Year 2 financial statements. (Hint: Enter items! accounting equation before answering the questions.) (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) SIMPSON COMPANY Accounting Equation Assets Date Cash Accounts Receivable 9,000 Prepaid Rent Supplies Land Accounts Payable Liabilities Salaries Payable Unearned Revenue 40,000 20 000 51 000 7 500 Jan Stockholders' Equity Common Retained Stock Earnings 45.000 47,500 20 000 6.000 2.000) 6.000 Mar May 1 (2.000) (15.000) (5.500) 9.600 30 000 58.000 (5.500) July 1 9.600 Sept. 1 2.500 (30000) 2.500 Oct 58.000 46.000 Dec 31 146.000 MULUU yg Reg A to L Equation What amount would Simpson report for land on the balance sheet? What amount of net cash flow from operating activities would be reported on the statement of cash flows? What amount of rent expense would be reported on the income statement? What amount of total liabilities would be reported on the balance sheet? What amount of supplies expense would be reported on the income statement? What amount of unearned revenue would be reported on the balance sheet? What amount of net cash flow from investing activities would be reported on the statement of cash flows? What amount of total expenses would be reported on the income statement? What amount of service revenue would be reported on the income statement? What amount of cash flows from financing activities would be reported on the statement of cash flows? What amount of net income would be reported on the income statement? What amount of retained earnings would be reported on the balance sheet? Show less $. 36.000 a. b. C. 1995 11,000 2.500 0 Land Net cash flow from operating activities Rent expense Total liabilities Supplies expense Unearned revenue Net cash flow from investing activities Total expenses Service revenue Cash flows from financing activities Net income Retained earnings h. S 137, 100 Accounting Equation