Waddell Company had the following balances in its accounting records as of December 31, Year 1 A $35,000 Accounts receivable Land ,000 51,000 Liabilities and stk. Equity Accounts payable $7,500 40,000 47,300 $95,000 Conne stock Retained earnings 595,000 Total The following accounting events apply to Waddell Company's Year 2 fiscal year. Jan. 1 Acquired $20,000 cant from the issue of common stock. Kar. April May 1 Paid $2,000 cash dividend to the stockholders. Purchased additional land that cost $15,000 cash. Sept. 1 Made cash payment on accounts payable of $5,500. Sold land for $30,000 cash that had originally cost $30,000. Dec. 31 Earned $58,000 of service revenue on account during the year. 31 Received cash collections from accounts receivable amounting to 646,000. Incurred other operating expenses on account during the year that amounted to $28,000. 31 The land purchased on April i had a market value of $20,000. Required Show the effects of the events on the financial statements using the following horizontal statements model. In the Cash Flow column. use OA to designate operating activity, IA for Investment activity, FA for financing activity, and NC for net change in cash a. What amount would Waddell report for land on the balance sheet? b. What amount of net cash flow from operating activities would be reported on the statement of cash flows? e. What amount of total liabilities would be reported on the balance sheet? d. What amount of net cash flow from Investing activities would be reported on the statement of cash flows? e. What amount of total expenses would be reported on the income statement? f. What amount of service revenue would be reported on the income statement? g. What amount of cash flows from financing activities would be reported on the statement of cash flows? h. What amount of net income would be reported on the income statement? 1. What amount of retained earnings would be reported on the balance sheet? Complete this question by entering your answers in the tabs below. Accounting Red A to equation Show the effects of the events on the financial statements using the following horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. (Enter any decreases to account balances with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an input leave cells blank if there is no corresponding input needed WADDELL COMPANY Horizontal Financial Statements Model for Year 2 Balance Sheet Income Statement Statement of Cash Date Cash Asse Accounts Receivable Land Liabilities Accounts Payable Stackheiders Equity Revenue Expenses Net Income Common Stock Retained Earings Beg tit 311 4/1 1 1231 12/31 12/31 12/31 Req A to > Waddell Company had the following balances in its accounting records as of December 31, Year t Assets Liabilities and Stk. Equity Cash $35,000 Accounts payable $7,500 Accounts receivable 9,000 Common stock 40,000 Land $1,000 Retained earnings 47,500 Total $95,000 Total $95,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. April May 1 Acquired $20,000 cash from the issue of common stock. 1 Paid $2,000 cash dividend to the stockholders. Purchased additional land that cost $15,000 cash. 1 Made a cash payment on accounts payable of $5,500. Sept. 1 sold land for $30,000 cash that had originally cost $30,000. Dec. 3: Earned $58,000 of service revenue on account during the year. 31 Received cash collections from accounts receivable amounting to $46,000. 3: Incurred other operating expenses on account during the year that amounted to $28,000. 3: The land purchased on April 1 had a market value of $20,300. Required Show the effects of the events on the financial statements using the following horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. a. What amount would Waddell report for land on the balance sheet? b. What amount of net cash flow from operating activities would be reported on the statement of cash flows? c. What amount of total liabilities would be reported on the balance sheet? d. What amount of net cash flow from Investing activities would be reported on the statement of cash flows? e. What amount of total expenses would be reported on the income statement? f. What amount of service revenue would be reported on the income statement? g. What amount of cash flows from financing activities would be reported on the statement of cash flows? h. What amount of net income would be reported on the income statement? I. What amount of retained earnings would be reported on the balance sheet? Complete this question by entering your answers in the tabs below. Accounting Equation Red A to 1 a. What amount would Waddell report for land on the balance sheet? b. What amount of net cash flow from operating activities would be reported on the statement of cash flows? c. What amount of total liabilities would be reported on the balance sheet? d. What amount of net cash flow from investing activities would be reported on the statement of cash flows? e. What amount of total expenses would be reported on the income statement? f. What amount of service revenue would be reported on the income statement? g. What amount of cash flows from financing activities would be reported on the statement of cash flows? h. What amount of net income would be reported on the income statement? i. What amount of retained earnings would be reported on the balance sheet? Land D. Net cash flow from operating activities O Total liabilities d. Net cash flow from investing activities 0. Total expenses 1. Total revenue Cash flows from financing activities n Net income Retained eamings Waddell Company had the following balances in its accounting records as of December 31, Year 1 A $35,000 Accounts receivable Land ,000 51,000 Liabilities and stk. Equity Accounts payable $7,500 40,000 47,300 $95,000 Conne stock Retained earnings 595,000 Total The following accounting events apply to Waddell Company's Year 2 fiscal year. Jan. 1 Acquired $20,000 cant from the issue of common stock. Kar. April May 1 Paid $2,000 cash dividend to the stockholders. Purchased additional land that cost $15,000 cash. Sept. 1 Made cash payment on accounts payable of $5,500. Sold land for $30,000 cash that had originally cost $30,000. Dec. 31 Earned $58,000 of service revenue on account during the year. 31 Received cash collections from accounts receivable amounting to 646,000. Incurred other operating expenses on account during the year that amounted to $28,000. 31 The land purchased on April i had a market value of $20,000. Required Show the effects of the events on the financial statements using the following horizontal statements model. In the Cash Flow column. use OA to designate operating activity, IA for Investment activity, FA for financing activity, and NC for net change in cash a. What amount would Waddell report for land on the balance sheet? b. What amount of net cash flow from operating activities would be reported on the statement of cash flows? e. What amount of total liabilities would be reported on the balance sheet? d. What amount of net cash flow from Investing activities would be reported on the statement of cash flows? e. What amount of total expenses would be reported on the income statement? f. What amount of service revenue would be reported on the income statement? g. What amount of cash flows from financing activities would be reported on the statement of cash flows? h. What amount of net income would be reported on the income statement? 1. What amount of retained earnings would be reported on the balance sheet? Complete this question by entering your answers in the tabs below. Accounting Red A to equation Show the effects of the events on the financial statements using the following horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. (Enter any decreases to account balances with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an input leave cells blank if there is no corresponding input needed WADDELL COMPANY Horizontal Financial Statements Model for Year 2 Balance Sheet Income Statement Statement of Cash Date Cash Asse Accounts Receivable Land Liabilities Accounts Payable Stackheiders Equity Revenue Expenses Net Income Common Stock Retained Earings Beg tit 311 4/1 1 1231 12/31 12/31 12/31 Req A to >