The following events apply to Gulf Seafood for the year 1 fiscal year:

1. The company started when it aquired $30,000 cash by issuing common stock

2. Purchased a new cooktop that cost $12,600 cash

3. Earned $20,000 in cash revenue

4. Paid $12,600 cash for salaries expense

5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop expected useful life of 5 years and an estimated salvage value of $3,000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1.

B) prepare a balance sheet for year 1 accouting period

C) what is net income for year 1?

D) what is the amount of depreciation expense would Gulf Seafood report on Year 2 income statement?

E)what amount of accumulated depreciation would Gulf Seafood report on Dec 31, Year 2, balance sheet

F)would cash flow from OA be affected by depreciation in Year 2?

[The following information applies to the questions disployed below] The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $30,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $12,600 cash. 3. Eamed $20,000 in cash revenue. 4. Paid $12,600 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. b. Prepare a balance shieet for the Year 1 accounting period. (Amounts to be deducted should be indicated by a minus sign.) 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 $30,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $12,600 cash. 3. Earned $20,000 in cash revenue. 4. Paid $12,600 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? 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 $30,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $12,600 cash. 3. Earned $20,000 in cash revenue. 4. Paid $12,600 cash for salaries expense. 5. Adjusted the records to refiect 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? 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 $30,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $12,600 cash. 3. Earned $20,000 in cash revenue. 4. Paid $12,600 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. f. Would the cash flow from operating activities be affected by depreciation in Year 2? Yes No 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 $30,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $12,600 cash. 3. Earned $20,000 in cash revenue. 4. Paid $12,600 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