Question
The 1st image is the correct sheet, it needs these answers: Smith Company issued additional common stock for $3,000 cash. During the period, Smith recognized
The 1st image is the correct sheet, it needs these answers:
Smith Company issued additional common stock for $3,000 cash.
During the period, Smith recognized $2,700 of consulting revenue earned on account.
Smith collected $2,800 cash from accounts receivable.
Smith accrued salary expense of $1,500.
The company paid $1,350 of the salaries payable liability.
Smith paid dividends of $300 to the stockholders.
Paid $420 cash to renew the insurance policy for another one-year term.
Smith adjusted the books to reflect the insurance expense that had been incurred in 2019 (described in event 7 of 2018).
Smith adjusted the books to reflect the revenue earned in 2019 under the one-year consulting contract that began in 2018 (event 8 in 2018).
2nd image is this part:
For 2019, prepare an income statement, a statement of retained earnings, a balance sheet, and a statement of cash flows.
ou my template?
**don't know how to attach the template, but I have it!!**
Smith Company issued additional common stock for $3,000 cash.
During the period, Smith recognized $2,700 of consulting revenue earned on account.
Smith collected $2,800 cash from accounts receivable.
Smith accrued salary expense of $1,500.
The company paid $1,350 of the salaries payable liability.
Smith paid dividends of $300 to the stockholders.
Paid $420 cash to renew the insurance policy for another one-year term.
Smith adjusted the books to reflect the insurance expense that had been incurred in 2019 (described in event 7 of 2018).
Smith adjusted the books to reflect the revenue earned in 2019 under the one-year consulting contract that began in 2018 (event 8 in 2018).
Required: using the attached template
Module 2 HW Challenge Problem Template.xlsx
Record the events using the horizontal financial statements model.
For 2019, prepare an income statement, a statement of retained earnings, a balance sheet, and a statement of cash flows.
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