soogle Ph. Photo - Google Ph. Help Sa Yard Professionals Inc. experienced the following events in Year 1, its first year of operation 1. Performed services for $15,000 cash. 2. Purchased $6,000 of supplies on account 3. A physical count on December 31, Year 1, found that there was $1.250 of supplies on hand, Required Based on this information alone: a. Record the events under an accounting equation b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Req B2 Bal Req B3 CF Stmt Sheet Stmt Reg C and D Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with a minus sign.) Event YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation Assets Liabilities Cash Supplies Accounts Payable 15,000 6,000 6,000 Stockholders Equity Retained Earning 15,000 1. Provided service 2. Purchased supplies U. What is the balance in the Supplies Expense account as of January 1, Year 2? 1, Cul 2! Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Stmt Req B2 Bal Sheet Reg B3 CF Stmt Req C and D Prepare an income statement for the Year 1 accounting period. YARD PROFESSIONALS INC. Income Statement For the Year Ended December 31, Year 1 $ $ 0 LUUS DOUW. Req A Reg B1 Inc Stmt Reg B2 Bal Sheet Req B3 CF Stmt Reg C and D Prepare a balance sheet for the Year 1 accounting period. YARD PROFESSIONALS INC. Balance Sheet As of December 31, Year 1 Assets Total assets $ 0 Liabilities Total liabilities $ 0 Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity OO $ Req A Req B1 Inc Stmt Req B2 Bal Sheet Req B3 CF Stmt Req C and D Prepare the statement of cash flows for the Year 1 accounting period. (Enter cash outflows with YARD PROFESSIONALS INC. Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash 0 Ending cash balance $ 0 Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Stmt Req B2 Bal Sheet Req B3 CF Stmt Req C and D What is the balance in the Supplies account as of January 1, Year 2? What is the balance in of January 1, Year 2? c. Supplies d. Supplies expense
