Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $31,000 cash. 2. Purchased $7,800 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,540 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 Year 1 accounting period. c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Req B1 Inc Req A Stmt Req B2 Bal Sheet Req B3 CF Stmt Req C and D Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with a minus sign.) Event 1. Provided service 2. Purchased supplies 3. Used supplies Totals YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation Stockholders' Assets = Liabilities Cash Suppiles Accounts Payable Equity Retained Earnings + 0 0 < Req A Req B1 Inc stmt > Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $31,000 cash. 2. Purchased $7,800 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,540 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 Year 1 accounting period. c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? 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 Req C and D Prepare an income statement for the Year 1 accounting period. YARD PROFESSIONALS INC. Income Statement For the Year Ended December 31, Year 1 $ 0 < ReqA Req B2 Bal Sheet > 1. Performed services for $31,000 cash. 2. Purchased $7,800 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,540 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 Year 1 accounting period. c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Stmt Req B2 Bal Req B3 CF Sheet Stmt Req C and D Prepare a balance sheet for the Year 1 accounting period. YARD PROFESSIONALS INC. Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity S 0 S 0 0 S 0 < Req B1 Inc stmt Req B3 CF stmt > 1. Performed services for $31,000 cash. 2. Purchased $7,800 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,540 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 Year 1 accounting period. c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? 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 Req C and D Prepare the statement of cash flows for the Year 1 accounting period. (Enter cash outflows with a minus sign.) YARD PROFESSIONALS INC. Statement of Cash Flows For the Year Ended December 31, Year 1 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 S 0 0 < Req B2 Bal Sheet Req C and D > Complete this question by entering your answers in the tabs below. Req B1 Inc Req B2 Bal Req A Stmt Sheet Req B3 CF Stmt Req C and D What is the balance in the Supplies account as of January 1, Year 2? What is the balance in the Supplies Expense account as of January 1, Year 2? c. Supplies d. Supplies expense < Req B3 CF stmt Req C and D >