Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts Receivable Land Total $ 53,000 53,000 26,000 $ 132,000 Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total $ 29,000 88,000 15,000 $132,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. Feb. Mar. Apr. May July Sept. Oct. Dec. 1 Acquired $48,000 cash from the issue of common stock. 1 Paid $5,700 cash in advance for a one-year lease for office space. 1 Paid a $1,700 cash dividend to the stockholders. 1 Purchased additional land that cost $26,000 cash. 1 Made a cash payment on accounts payable of $12,000. 1 Received $8,000 cash in advance as a retainer for services to be performed monthly over the coming year. 1 Sold land for $21,000 cash that had originally cost $21,000. 1 Purchased $980 of supplies on account. 31 Earned $61,000 of service revenue on account during the year. 31 Received cash collections from accounts receivable amounting to $60,000. 31 Incurred other operating expenses on account during the year that amounted to $11,000. 31 Recognized accrued salaries expense of $5,700. 31 Had $140 of supplies on hand at the end of the period. 31 The land purchased on April i had a market value of $32,000. 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 accountina equation before answerina the questions.) Check my work reyuncu 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? 1. 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? 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 Equation Reg 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 accounts under the accounting equation before answering the questions.) (Do not round intermediate calculations. Enter any decreases to account balances with a m Accounting Equation Check my wo Assets Cash Accounts Receivable Prepaid Rent Supplies Liabilities Salaries Payable Accounts Payable Land Stockholders' Equity Common Retained Stock Earnings Unearned Revenue Bal + 48,000 5,700 Jan. 1 Feb. 1 Mar. 1 April 1 May 1 July 1 Sept. 1 Oct. 1 1 1,700 26,000 12.000 + 8,000 21,000 980 61,000 Dec. 31 Dec. 31 Dec. 31 Dec 31 + Dec. 31 Dec 31 Dec. 31 + + + 0 0 Dec. 31 Bal 0 0 + 0 0 0 0 184,380 Accounting Equation Req A to L 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 dash 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.) What amount of net income would be reported on the income statement? (Do not round intermediate calculations.) What amount of retained earnings would be reported on the balance sheet? (Do not round intermediate calculations.) Show less a. b. C. Land Net cash flow from operating activities Rent expense Total liabilities Supplies expense Unearned revenue d. e. f JNEL! (D0 Hot Pound intermediate calculations. Shou a. Land b. Net cash flow from operating activities C. Rent expense d. Total liabilities e. Supplies expense f. Unearned revenue g. Net cash flow from investing activities h. Total expenses i. Service revenue j. Cash flows from financing activities k. Net income 1. Retained earnings Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts Receivable Land Total $ 53,000 53,000 26,000 $132,000 Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total $ 29,000 88,000 15,000 $132,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. Feb. Mar. Apr. May July Sept. Oct. Dec. 1 Acquired $48,000 cash from the issue of common stock 1 Paid $5,700 cash in advance for a one-year lease for office space. 1 Paid a $1,700 cash dividend to the stockholders. 1 Purchased additional land that cost $26,000 cash. 1 Made a cash payment on accounts payable of $12,000. 1 Received $8,000 cash in advance as a retainer for services to be performed monthly over the coming year. 1 Sold land for $21,000 cash that had originally cost $21,000. 1 Purchased $980 of supplies on account. 31 Earned $61,000 of service revenue on account during the year. 31 Received cash collections from accounts receivable amounting to $60,000. 31 Ineurred other operating expenses on account during the year that amounted to $11,000. 31 Recognized accrued salaries expense of $5,700. 31 Had $140 of supplies on hand at the end of the period. 31 The land purchased on April i had a market value of $32,000. 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? Check my work 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? 1. 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? 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 Equation Red 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 9 accounts under the accounting equation before answering the questions.) (Do not round intermediate calculations. Enter any decreases to account balances with a minus Accounting Equation Assets Data Cash Accounts Receivable Prepaid Rent Supplies Land Liabilities Salaries Payable Accounts Payable 29,000 Unearned Revenue Stockholders' Equity Common Retained Stock Earnings 88,000 +7 15,000 Ball 53,000 53,000 26,000 Check my work 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 ge accounts under the accounting equation before answering the questions.) (Do not round intermediate calculations. Enter any decreases to account balances with a minus Accounting Equation Date Cash Assets Accounts Receivable Prepaid Rent 53,000 Supplies Land Liabilities Salaries Payable Accounts Payable 29,000 Unearned Revenue + 3al. Stockholders' Equity Common Retained Stock Earnings 88,000+ 15,000 48,000+ 26.000 (5,700) 53,000 48,000 (5,700) (1.700) 26.000 12,000 8,000 21,000 (1.700) es 980 lan 1 Feb. 1 Mar. 1 April 1 May 1 luly 1 Sept. 1 Oct. 1 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Bal 61,000 (61,000) + + + + 221.600 (8,000) (5,700) 980 26,000 = 29,000 0 + 136,000 + 13,300 Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts Receivable Land Total $ 53,000 53,000 26,000 $132,000 Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total $ 29,000 88,000 15,000 $132,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. Feb. Mar. Apr. May July Sept. Oct. Dec. 1 Acquired $48,000 cash from the issue of common stock 1 Paid $5,700 cash in advance for a one-year lease for office space. 1 Paid a $1,700 cash dividend to the stockholders. 1 Purchased additional land that cost $26,000 cash. 1 Made a cash payment on accounts payable of $12,000. 1 Received $8,000 cash in advance as a retainer for services to be performed monthly over the coming year. 1 Sold land for $21,000 cash that had originally cost $21,000. 1 Purchased $980 of supplies on account. 31 Earned $61,000 of service revenue on account during the year. 31 Received cash collections from accounts receivable amounting to $60,000. 31 Incurred other operating expenses on account during the year that amounted to $11,000. 31 Recognized accrued salaries expense of $5,700. 31 Had $140 of supplies on hand at the end of the period. 31 The land purchased on April 1 had a market value of $32,000. 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? 1. 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? 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 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 gent expense would be reported on the income statement? (Do not round intermediate calculations.) What amount of botal 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.) What amount of net income would be reported on the income statement? (Do not round intermediate calculations.) What amount of retained earnings would be reported on the balance sheet? (Do not round Intermediate calculations.) Show less a. Land b. Net cash flow from operating activities C. Rent expense d. Total liabilities e. Supplies expense f. Unearned revenue g Net cash flow from investing activities h. Total expenses i. Service revenue 1. Cash flows from financing activities k. Net income L Retained earnings