The following events apply to Gulf Seafood for the Year 1 fiscal year: The company started when it acquired $34,000 cash by issuing common stock. Purchased a new cooktop that cost $16,800 cash. Earned $19,000 in cash revenue. Paid $12,900 cash for salaries expense. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of five years and an estimated salvage value of $3,000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1.

Required information journal entry required" in the first account field.) View transaction list Journal entry worksheet Record entry for issuance of common stock. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Required information journal entry required" in the first account field.) View transaction list Journal entry worksheet Record purchase of equipment for cash. Note: Enter debits before credits. Event General Journal Debit Credit 2 Record entry Clear entry View general journal Required information journal entry required" in the first account field.) View transaction list Journal entry worksheet Record cash received from revenue. Note: Enter debits before credits. Event General Journal Debit Credit 3 Record entry Clear entry View general journal Required information journal entry required" in the first account field.) View transaction list Journal entry worksheet Record depreciation expense. Note: Enter debits before credits. Event General Journal Debit Credit 5 Record entry Clear entry View general journal Required information Cash Equipment - Cooktop Beg. Bal Beg. Bal End. Bal End. Bal Accumulated Depr. Common Stock Beg. Bal Beg. Bal End. Bal End. Bal Sales Revenue Salaries Expense Beg. Bal Beg. Bal End. Bal End. Bal Depreciation Expense Beg. Bal b. Prepare a balance sheet and a statement of cash flows for the Year 1 accounting period. (Amounts to be indicated by a minus sign.) GULF SEAFOOD Balance Sheet As of December 31, Year 1 Assets Total Assets Liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity GULF SEAFOOD ! Required information GULF SEAFOOD Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Net cash flow from financing activities Net change in cash Ending cash balance Required information [The following information applies to the questions displayed below.) The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $34,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $16,800 cash. 3. Earned $19,000 in cash revenue. 4. Paid $12,900 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of five years and an estimated salvage value of $3,000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. c. What is the net income for Year 1? Net income Saved ! Required information (The following information applies to the questions displayed below.) The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $34,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $16,800 cash. 3. Earned $19,000 in cash revenue. 4. Paid $12,900 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of five years and an estimated salvage value of $3,000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. d. What amount of depreciation expense would Gulf Seafood report on the Year 2 income statement? Depreciation expense Saved ! Required information [The following information applies to the questions displayed below.) The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $34,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $16,800 cash. 3. Earned $19,000 in cash revenue. 4. Paid $12,900 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of five years and an estimated salvage value of $3,000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. e. What amount of accumulated depreciation would Gulf Seafood report on the December 31, Year 2, balance sheet? Accumulated depreciation Required information (The following information applies to the questions displayed below.) The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $34,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $16,800 cash. 3. Earned $19,000 in cash revenue. 4. Paid $12,900 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of five years and an estimated salvage value of $3,000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. "equired . Record the events in general journal format and post to T-accounts. (If no entry is required for a transaction/event, select "No ournal entry required" in the first account field.) View transaction list Journal entry worksheet Record entry for issuance of common stock. S