Waddell Company had the following balances in its accounting records as of December 31, Year 1: Liabilities and Equity Assets Cash Accounts Receivable 47,800 Common Stock Land Total 51,00 Accounts Payable 24,80e 88,80e -19,eee $131,00e 33,000 Retained Earnings $131,00 Total The following accounting events apply to Waddell Company's Year 2 fiscal year: Dan. 1 Acquired $54,e8e cash from the issue of common stock Feb. 1 Paid $5,1e0 cash in advance for a one-year lease for office space Mar. 1 Paid a $2,600 cash dividend to the stockholders Apr. 1 Purchased additional land that cost $33,000 cash May 1 Made a cash payment on accounts payable of $15,8ee Duly 1 Received $7,200 cash in advance as a retainer for services to be performed monthly over the coming year Sept. 1 Sold land for $21,800 cash that had originally cost $21,ee8 Oct. 1 Purchased $1,0se of supplies on account Dec. 31 Earned $67,ee of service revenue on account during the year 31 Received cash collections from accounts receivable amounting to $57,eee 31 Incurred other operating expenses on account during the year that amounted to $14,eee 31 Recognized accrued salaries expense of $5,380 31 Had $19e of supplies on hand at the end of the period 31 The land purchased on April 1 had a market value of $44,800 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.) (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) Accounting Equation Assets Liabilities Stockholders' Equity Date Accounts Prepaid Rent Supplies Recaivable es Unearned Revenue Retained Cash Land Payable P Payable Stock Bal Jan. 1 Feb. 1 Mar. 1 Aprl 1 May 1 July 1 Sept. 1 Oct 1 Dec. 31 Dec. 31 Dec 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Bal 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.) 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 j. Cash flows from financing activities k. Net income I Retained earnings
