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Waddlle company had the following balances and its account records as of December 3 1 year one the following accounting events applied to wattle companies
Waddlle company had the following balances and its account records as of December year one the following accounting events applied to wattle companies year to fiscal year based on the proceeding information answer the following question for waddell company
Waddell Company had the following balances in its accounting records as of December Year :
tabletableAssetstableLiabilities andStockholders Equity$ CashAccounts PayableAccounts Receivable,,Common Stock,,LandRetained Earnings,,Totals$$
The following accounting events apply to Waddell Company's Year fiscal year:
January Acquired $ cash from the issue of common stock.
February Paid $ cash in advance for a oneyear lease for office space.
March Paid a $ cash dividend to the stockholders.
April Purchased additional land that cost $ cash.
May Made a cash payment on accounts payable of $
July Received $ cash in advance as a retainer for services to be performed monthly over the coming
September Sold land for $ cash that had originally cost $
October Purchased $ of supplies on account.
December Earned $ of service revenue on account during the year.
December Received cash collections from accounts receivable amounting to $
December Incurred other operating expenses on account during the year that amounted to $
December Recognized accrued salaries expense of $
December Had $ of supplies on hand at the end of the period.
December The land purchased on April had a market value of $
December Recognized $ of accrued interest revenue.
Required:
Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Year financial statements. Hint: Enter items in general ledger accounts under the accounting equation before answering the questions.
a What two additional adjusting entries need to be made at the end of the year?
b 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?
d What amount of rent expense would be reported on the income statement?
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?
h What amount of net cash flow from investing activities would be reported on the statement of cash flows?
i What amount of total expenses would be reported on the income statement?
j What total amount of service revenue would be reported on the income statement?
k What amount of cash flows from financing activities would be reported on the statement of cash flows?
I. What amount of net income would be reported on the income statement?
m What amount of retained earnings would be reported on the balance sheet?
Accounting
Equation
Req A
Req to
Refer to the Accounting Equation and transaction information to answer questions B to M
Note: Do not round intermediate calculations. Enter cash outflows as negative amounts.
tableb 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?,d What amount of rent expense would be reported on the income statement?,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?,h What amount of net cash flow from investing activities would be reported on the statement of cash flows?,i What amount of total expenses would be reported on the income statement?,j What total amount of service revenue would be reported on the income statement?,k What amount of cash flows from financing activities would be reported on the statement of cash flows?,I What amount of net income would be reported on the income statement?,m What amount of retained earnings would be reported on the balance sheet?,
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