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Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $77,000 cash from the issue of common stock. 2. Purchased $4,600 of supplies on account. 3. Purchased land that cost $52,000 cash. 4. Paid $4,600 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $76,000. 6. Paid $38,000 cash for other operating expenses. 7. Collected $55,000 cash from accounts receivable. Information for 2018 Adjusting Entries 8. Recognized accrued salaries of $4,900 on December 31, 2018 9. Had $1,900 of supplies on hand at the end of the accounting period. Events Affecting the 2019 Accounting Period 1. Acquired $37.000 cash from the issue of common stock. 2. Paid $4,900 cash to settle the salaries payable obligation 3. Paid $8,700 cash in advance to lease office space. 4. Sold the land that cost $52,000 for $52,000 cash. 5. Received $9,900 cash in advance for services to be performed in the future. 6. Purchased $2,700 of supplies on account during the year 7. Provided services on account of $49,000. 8. Collected $50,000 cash from accounts receivable. 9. Pald a cash dividend of $9,000 to the stockholders. 10. Pald other operating expenses of $36,500. Information for 2019 Adjusting Entries 11. The advance payment for rental of the office space (see Event 3) was made on March 1 for a one-year term. 12. The cash advance for services to be provided in the future was collected on October 1 (see Event 5). The one-year Information for 2019 Adjusting Entries 2 of 2 11. The advance payment for rental of the office space (see Event 3) was made on March 1 for a one-year term. 12. The cash advance for services to be provided in the future was collected on October 1 (see Event 5). The one-year contract started on October 1. 13. Had $2,000 of supplies remaining on hand at the end of the period. 14. Recognized accrued salaries of $5,600 at the end of the accounting period. 15. Recognized $2,100 of accrued Interest revenue. eBook b-1. Prepare an income statement for 2018 and 2019. b-2. Prepare the statement of changes in stockholders' equity for 2018 and 2019. b-3. Prepare the balance sheet for 2018 and 2019, b-4. Prepare the statement of cash flows for 2018 and 2019, using the vertical statements model. Required information Req B1 Req B2 Req B3 Req B4 Prepare an income statement for 2018 and 2019. (Do not round Intermediate calculations.) ALCORN SERVICE COMPANY Income Statements For the Years Ended December 31, 2018 and 2019 2018 2019 Total revenue Expenses Total expenses 0 Reg B2 > Required information Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req B3 Req B4 Prepare the statement of changes in stockholders' equity for 2018 and 2019. ALCORN SERVICE COMPANY Statement of Changes in Stockholders' Equity For the Years Ended December 31, 2018 and 2019 2018 2019 Beginning common stock Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity $ 0 S reparere VOT TELTU AVAU ORU CU> 2 of 2 ALCORN SERVICE COMPANY Balance Sheets As of December 31, 2018 and 2019 2018 2019 Assets Book rint Total assets $ 0 $ erences Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ 0
