Waddell Company had the following balances in its accounting records as of December $31,$ Year $1$:

$\backslash$table$[[$Assets$],[$Cash$,,$Liabilities and Equity,$],[$Accounts Receivable,$$53,000,$Accounts Payable,$ $20,000],[$Land$,29,000,$Common Stock,$91,000],[$Total$,$$$125,000,$Retained Earnings,$14,000],[,$$$125,000,$Total,$$125,000]]$

The following accounting events apply to Waddell Company's Year $2$ fiscal year:

Jan. $1$ Acquired $$52,000$ cash from the issue of common stock.

Feb. $1$ Paid $$5,400$ cash in advance for a one$-$year lease for office space.

Mar. $1$ Paid a $$1,900$ cash dividend to the stockholders.

Apr. $1$ Purchased additional land that cost $$29,000$ cash.

May $,1$ Made a cash payment on accounts payable of $$9,000.$

July $1$ Received $$7,400$ cash in advance as a retainer for services to be performed monthly over the coming year.

Sept. $1$ Sold land for $$20,000$ cash that had originally cost $$20,000.$

Oct. $1$ Purchased $$990$ of supplies on account.

Dec. $31$ Earned $$56,000$ of service revenue on account during the year.

$31$ Received cash collections from accounts receivable amounting to $$57,000.$

$31$ Incurred other operating expenses on account during the year that amounted to $$14,000.$

$31$ Recognized accrued salaries expense of $$5,400.$

$31$ Had $$130$ of supplies on hand at the end of the period.

$31$ The land purchased on April $1$ had a market value of $$46,000.$

$31$ Update the appropriate account$($s$)$ for the remaining available office space from $2/1.$

$31$ Update the appropriate account$($s$)$ for the remaining services from $7/1.$

Required

Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Year $2$ financial statements. $($Hint$.$ Enter items in general ledger accounts under the accounting equation before answering the questions.$)$

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 rent expense would be reported on the income statement?

d$.$ What amount of total liabilities would be reported on the balance sheet?

e$.$ What amount of supplies expense would be reported on the income statement?

f$.$ What amount of unearned revenue would be reported on the balance sheet?

g$.$ What amount of net cash flow from investing activities would be reported on the statement of cash flows?

h$.$ What amount of total expenses would be reported on the income statement?

i$.$ What amount of service revenue would be reported on the income statement?

j$.$ What amount of cash flows from financing activities would be reported on the statement of cash flows?

k$.$ 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?

Accounting Equation

Req $A$ to $L$

Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Year $2$ financial statements. $($Hint: Enter items in gene accounts under the accounting equation before answering the questions.$)($Do not round intermediate calculations. Enter any decreases to account balances with a minus sign

Req A to L

Complete this question by entering your answers in the tabs below.

Accounting

Equation

Req $A$ to $L$

What amount would Waddell report for land on the balance sheet?

What amount of net cash flow from operating activities would be reported on the statement of cash flows? $($Enter cash outflows as negative amounts.$)$

What amount of rent expense would be reported on the income statement? $($Do not round intermediate calculations.$)$ What amount of total liabilities would be reported on the balance sheet?

What amount of supplies expense would be reported on the income statement?

What amount of unearned revenue would be reported on the balance sheet? $($Do not round intermediate calculations.$)$ What amount of net cash flow from investing activities would be reported on the statement of cash flows? $($Enter cash outflows as negative amounts.$)$

What amount of total expenses would be reported on the income statement? $($Do not round intermediate calculations.$)$ What amount of service revenue would be reported on the income statement? $($Do not round intermediate calculations.$)$ What amount of cash flows from financing activities would be reported on the statement of cash flows? $($Enter cash outflows as negative amounts.$)$

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