Yard Professionals Inc. experienced the following events in 2018, its first year of operation:
- Performed counseling services for $32,500 cash.
- Purchased $8,000 of supplies on account.
- A physical count on December 31, 2018, found that there was $1,550 of supplies on hand.
Required
Based on this information alone:
- Record the events under an accounting equation.
- Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting period.
- What is the balance in the Supplies account as of January 1, 2019?
- What is the balance in the Supplies Expense account as of January 1, 2019?
Yard Professionals Inc. experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $32,500 cash. 2. Purchased $8,000 of supplies on account. 3. A physical count on December 31, 2018, found that there was $1,550 of supplies on hand. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting period. c. What is the balance in the Supplies account as of January 1, 2019? d. What is the balance in the Supplies Expense account as of January 1, 2019? Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting period. c. What is the balance in the Supplies account as of January 1, 2019? d. What is the balance in the Supplies Expense account as of January 1, 2019? Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Stmt Req B2 Bal Sheet Req B3 CF Stmt . Reqs C and D Record the events under an accounting equation. (Enter any decreases to account balances with a minus sign.) YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation Assets Liabilities + Event Stockholders' Equity Retained Earnings Cash Supplies Accounts Payable + 1. Performed counseling services 2. Purchased supplies 3. Used supplies Totals + 0 0 = + Rega Req B1 Inc Stmt> Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting period. c. What is the balance in the Supplies account as of January 1, 2019? d. What is the balance in the Supplies Expense account as of January 1, 2019? Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Stmt Req B2 Bal Sheet Req B3 CF Stmt Reqs C and D Prepare an income statement for the 2018 accounting period. YARD PROFESSIONALS INC. Income Statement For the Year Ended December 31, 2018 Complete this question by entering your answers in the tabs below. Req A Req B1 IncReq B2 Bal Stmt Sheet Req B3 CF Stmt Reqs C and D Prepare a balance sheet for the 2018 accounting period. YARD PROFESSIONALS INC. Balance Sheet As of December 31, 2018 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ 0 Req B1 Inc Stmt Req B3 CF Stmt> Complete this question by entering your answers in the tabs below. Reg A Req B1 Inc Stmt Req B2 Bal Sheet Req B3 CF Stmt Reqs C and D Prepare the statement of cash flows for the 2018 accounting period. YARD PROFESSIONALS INC. Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the 2018 accounting period. c. What is the balance in the Supplies account as of January 1, 2019? d. What is the balance in the Supplies Expense account as of January 1, 2019? Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Stmt Req B2 Bal Sheet Req B3 CF Stmt Reqs C and D What is the balance in the Supplies account as of January 1, 2019? What is the balance in the Supplies Expense account as of January 1, 2019? C. Supplies d. Supplies expense
