Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following events pertain to Super Cleaning Company: Acquired $ 1 6 , 4 0 0 cash from the issue of common stock. Provided $

The following events pertain to Super Cleaning Company:
Acquired $16,400 cash from the issue of common stock.
Provided $14,400 of services on account.
Provided services for $5,400 cash.
Received $3,800 cash in advance for services to be performed in the future.
Collected $10,400 cash from the account receivable created in Event 2.
Paid $6,400 for cash expenses.
Performed $1,900 of the services agreed to in Event 4.
Incurred $2,900 of expenses on account.
Paid $1,800 cash in advance for one-year contract to rent office space.
Paid $2,550 cash on the account payable created in Event 8.
Paid a $2,900 cash dividend to the stockholders.
Recognized rent expense for nine months' use of office space acquired in Event 9.
Required:
Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). The first event is recorded as an example.
Note: Round your final answers to the nearest whole dollar. Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed.
\table[[,SUPER CLEANING COMPANY],[,Effect of Events on the Financial Statements],[\table[[Event],[Number]],Assets,=,Liabilities,+,Stockholders' Equity,Income Statement,\table[[Statement],[Flov]]],[Cash,+,\table[[Accounts],[Receivable]],+,\table[[Prepaid],[Rent]],=,\table[[Accounts],[Payable]],+,\table[[Unearned],[Revenue]],+,\table[[Common],[Stock]],+,\table[[Retained],[Earnings]],Revenue,-,Expenses,=,Net Income],[1,161,+1,,+1,,-1,,+1,,+,16 inn,+1,,,-1,,-1,,16 in]]
image text in transcribed

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

More Books

Students also viewed these Accounting questions

Question

(1 point) Calculate 3 sin x cos x dx.

Answered: 1 week ago

Question

Find the derivative of y= cos cos (x + 2x)

Answered: 1 week ago

Question

=+9. Their computer is similar __________ ours.

Answered: 1 week ago