Question
Waddell Company had the following balances in its accounting records as of December 31, 2015: Assets Liabilities and Equity Cash $ 55,000 Accounts Payable $
Waddell Company had the following balances in its accounting records as of December 31, 2015: |
Assets | Liabilities and Equity | ||||||
Cash | $ | 55,000 | Accounts Payable | $ | 27,000 | ||
Accounts Receivable | 53,000 | Common Stock | 89,000 | ||||
Land | 28,000 | Retained Earnings | 20,000 | ||||
Total | $ | 136,000 | Total | $ | 136,000 | ||
The following accounting events apply to Waddell Company's 2016 fiscal year: |
Jan. | 1 | Acquired $56,000 cash from the issue of common stock. | |
Feb. | 1 | Paid $5,700 cash in advance for a one-year lease for office space. The rent will be expensed from April 1. | |
Mar. | 1 | Paid a $1,700 cash dividend to the stockholders. | |
April | 1 | Purchased additional land that cost $28,000 cash. | |
May | 1 | Made a cash payment on accounts payable of $22,000. | |
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 $19,000 cash that had originally cost $19,000. | |
Oct. | 1 | Purchased $960 of supplies on account. | |
Dec. | 31 | Earned $61,000 of service revenue on account during the year. | |
31 | Received cash collections from accounts receivable amounting to $64,000. | ||
31 | Incurred other operating expenses on account during the year that amounted to $13,000. | ||
31 | Recognized accrued salaries expense of $5,300. | ||
31 | Had $120 of supplies on hand at the end of the period. | ||
31 | The land purchased on April 1 had a market value of $34,000. | ||
31 | Recognized $118 of accrued interest revenue. |
What amount would Waddell report for land on the balance sheet? | |
c. | What amount of net cash flow from operating activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.) |
d. | What amount of rent expense would be reported on the income statement? (Do not round intermediate calculations.) |
e. | What amount of total liabilities would be reported on the balance sheet? |
f. | What amount of supplies expense would be reported on the income statement? |
g. | What amount of unearned revenue would be reported on the balance sheet? (Do not round intermediate calculations.) |
h. | What amount of net cash flow from investing activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.) |
i. | What amount of total expenses would be reported on the income statement? (Do not round intermediate calculations.) |
j. | What amount of service revenue would be reported on the income statement? (Do not round intermediate calculations.) |
k. | What amount of cash flows from financing activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.) |
l. | What amount of net income would be reported on the income statement? (Do not round intermediate calculations.) |
m. | What amount of retained earnings would be reported on the balance sheet? (Do not round intermediate calculations.) |
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