The following events pertain to Super Cleaning Company: 1. Acquired $15,500 cash from the issue of...
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The following events pertain to Super Cleaning Company: 1. Acquired $15,500 cash from the issue of common stock. 2. Provided $13,500 of services on account. 3. Provided services for $4,500 cash. 4. Received $2,900 cash in advance for services to be performed in the future. 5. Collected $9,500 cash from the account receivable created in Event 2. 6. Paid $5,500 for cash expenses. 7. Performed $1,450 of the services agreed to in Event 4. 8. Incurred $2,000 of expenses on account. 9. Paid $1,350 cash in advance for one-year contract to rent office space. 10. Paid $1,650 cash on the account payable created in Event 8. 11. Paid a $2,000 cash dividend to the stockholders. 12. Recognized rent expense for nine months' use of office space acquired in Event 9. Required: Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Use NA to indicate accounts not affected by the event. The first event is shown as an example. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Enter any decreases to account balances and cash outflows with a minus sign.) SUPER CLEANING COMPANY Effect of Events on the Financial Statements = Net Income Statement of Flows Income Statement Revenue Expenses Retained Earnings Assets Balance Sheet Liabilities Stockholders' Equity Event No. Cash + Accounts Receivable Prepaid Rent Accounts Payable Unearned Revenue + Common Stock 1. 2. 15,500+ + 15,500+ + 3. + 15,500 F SUPER CLEANING COMPANY Effect of Events on the Financial Statements Balance Sheet Income Statement Statement of C Assets Liabilities Stockholders' Equity Revenue - Expenses = Net Income Flows Event No. Accounts Cash + + Receivable Prepaid Rent Accounts Payable + Unearned Revenue + Common Stock + Retained Earnings 1. 15,500+ + + 15,500 + 15,500 FA 2. + 3. + 4. 5. + 6. + + + 7. + 8. + + 9. 10. 11. + + + 12. + + + + Bal. + The following events pertain to Super Cleaning Company: 1. Acquired $15,500 cash from the issue of common stock. 2. Provided $13,500 of services on account. 3. Provided services for $4,500 cash. 4. Received $2,900 cash in advance for services to be performed in the future. 5. Collected $9,500 cash from the account receivable created in Event 2. 6. Paid $5,500 for cash expenses. 7. Performed $1,450 of the services agreed to in Event 4. 8. Incurred $2,000 of expenses on account. 9. Paid $1,350 cash in advance for one-year contract to rent office space. 10. Paid $1,650 cash on the account payable created in Event 8. 11. Paid a $2,000 cash dividend to the stockholders. 12. Recognized rent expense for nine months' use of office space acquired in Event 9. Required: Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Use NA to indicate accounts not affected by the event. The first event is shown as an example. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Enter any decreases to account balances and cash outflows with a minus sign.) SUPER CLEANING COMPANY Effect of Events on the Financial Statements = Net Income Statement of Flows Income Statement Revenue Expenses Retained Earnings Assets Balance Sheet Liabilities Stockholders' Equity Event No. Cash + Accounts Receivable Prepaid Rent Accounts Payable Unearned Revenue + Common Stock 1. 2. 15,500+ + 15,500+ + 3. + 15,500 F SUPER CLEANING COMPANY Effect of Events on the Financial Statements Balance Sheet Income Statement Statement of C Assets Liabilities Stockholders' Equity Revenue - Expenses = Net Income Flows Event No. Accounts Cash + + Receivable Prepaid Rent Accounts Payable + Unearned Revenue + Common Stock + Retained Earnings 1. 15,500+ + + 15,500 + 15,500 FA 2. + 3. + 4. 5. + 6. + + + 7. + 8. + + 9. 10. 11. + + + 12. + + + + Bal. +
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