Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following events pertain to Super Cleaning Company 1. Acquired $15.900 cash from the issue of common stock 2. Provided $13,900 of services on account.

image text in transcribed
The following events pertain to Super Cleaning Company 1. Acquired $15.900 cash from the issue of common stock 2. Provided $13,900 of services on account. 3. Provided services for $4,900 cash 4. Received $3,300 cash in advance for services to be performed in the future. 5. Collected $9,900 cash from the account receivable created in Event 2 6. Paid $5,900 for cash expenses 7. Performed $1,650 of the services agreed to in Event 4. 8. Incurred $2,400 of expenses on account 9. Paid $1,550 cash in advance for one-year contract to rent office space 10. Paid $2,050 cash on the account payable created in Event 8. 11. Pald a $2.400 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 Statement of 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. The first event is recorded as an example. (Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input.) SUPER CLEANING COMPANY Effect of Events on the Financial Statements Balance Sheet Liabilities Stockbilders' Equity Income Statement Expenses Net Event Assets Revenue

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

Applications Of Accounting Information Systems

Authors: David M. Shapiro

1st Edition

194999158X, 9781949991581

More Books

Students also viewed these Accounting questions

Question

7 How can a culture encourage ethical (or unethical) behaviour?

Answered: 1 week ago