Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

the first photo is diresctions Saved Help Cordell Inc, experienced the following events in 2018, its first year of operation: 1. Received $54,000 cash from

the first photo is diresctions image text in transcribed
image text in transcribed
image text in transcribed
Saved Help Cordell Inc, experienced the following events in 2018, its first year of operation: 1. Received $54,000 cash from the issue of common stock. 2. Performed services on account for $76,000. 3. Paid a $5,400 cash dividend to the stockholders. 4. Collected $60,000 of the accounts receivable. 5. Paid $54,000 cash for other operating expenses. 6. Performed services for $12,500 cash. 7. Recognized $2,400 of accrued utilities expense at the end of the year. Required a. & c. Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column.Juse OA to designate operating activity, FA for financing activity, or IA for investing activity. If the element is not affected by the event, leave the cell blank b. Based on your response to Requirement a determine the amount of net income reported on the 2018 Income statement. d. Based on your response to Requirement c, determine the amount of cash flow from operating activities reported on the 2018 statement of cash flows. e. What is the before and after closing balance in the service revenue account? f. What is the balance of the retained earnings account that appears on the 2018 balance sheet? Complete this question by entering your answers in the tabs below. Req A and C Reg B and D to F Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use DA to designate operating activity, FA for financing activity, or IA for investing activity, If the element is not affected by the event, leave the cell blank. (Enter any decreases to account balances and cash outflows with a minus sign. Not all cells will require entry) Show less Required a. & c. Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, or IA for Investing activity. If the element is not affected by the event, leave the cell blank. b. Based on your response to Requirement a, determine the amount of net income reported on the 2018 income statement. d. Based on your response to Requirement determine the amount of cash flow from operating activities reported on the 2018 statement of cash flows. e. What is the before and after-closing balance in the service revenue account? f. What is the balance of the retained earnings account that appears on the 2018 balance sheet? Complete this question by entering your answers in the tabs below. Reg A and Red Band D to F Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, or IA for investing activity. If the element is not affected by the event, leave the cell blank. (Enter any decreases to account balances and cash outflows with a minus sign. Not all cells will require entry) Show less Event Revenue Expense Statement of Cash Flows ReqB and Dto F > Required a. & c. Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, or IA for investing activity. If the element is not affected by the event, leave the cell blank. b. Based on your response to Requirement a determine the amount of net income reported on the 2018 income statement. d. Based on your response to Requirement c, determine the amount of cash flow from operating activities reported on the 2018 statement of cash flows. e. What is the before and after-closing balance in the service revenue account? What is the balance of the retained earnings account that appears on the 2018 balance sheet? Complete this question by entering your answers in the tabs below. Reg A and Red Band D to F Based on your response to Requirement a and c, determine the amount of net income, cash flow from operating activities, before- and after-closing balance in the service revenue account and balance of the Retained Earnings account reported on the 2018 b. Net income d. Net cash flow from operating activities e. Before closing balance After-closing balance f. Balance of retained earnings

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics Theory And Applications

Authors: Edgar K. Browning, Mark A. Zupan

13th Edition

1119368928, 9781119368922

More Books

Students also viewed these Accounting questions