Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1....
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Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $21,000 cash. 2. Purchased $6,800 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,290 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? es Complete this question by entering your answers in the tabs below. Req A Req B1 Inc. Stmt Event Req B2 Bal Sheet 1. Provided service 2. Purchased supplies 3. Used supplies Totals Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with a minus sign.) Req B3 CF Stmt Cash YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation Req C and D Assets B Liabilities + Accounts Payable Supplies A 23 + 45 + Stockholders' Equity Retained Earnings Req B1 Inc Stmt > Complete this question by entering your answers in the tabs below. Req B1 Inc Stmt Req A Req B3 CF Stmt Prepare an income statement for the Year 1 accounting period. Req B2 Bal Sheet YARD PROFESSIONALS INC. Income Statement For the Year Ended December 31, Year 1 < Req A Req C and D Req B2 Bal Sheet > Complete this question by entering your answers in the tabs below. Req A Assets Total assets Req B1 Inc. Stmt Prepare a balance sheet for the Year 1 accounting period. YARD PROFESSIONALS INC. Liabilities Req B2 Bal Sheet Balance Sheet As of December 31, Year 1 Total liabilities Stockholders' Equity Req B3 CF Stmt Total stockholders' equity Total liabilities and stockholders' equity < Req B1 Inc Stmt Req C and D Req B3 CF Stmt > Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Stmt Req B2 Bal Req 3 CF Sheet Stmt 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 Req C and D Req B2 Bal Sheet Req C and D >> Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Stmt Req B2 Bal Sheet c. Supplies d. Supplies expense Req B3 CF Stmt What is the balance in the Supplies account as of January 1, Year 2? What is the balance in the Supplies Expense account a of January 1, Year 2? Req C and D < Req B3 CF Stmt Req C and D > Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $21,000 cash. 2. Purchased $6,800 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,290 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? es Complete this question by entering your answers in the tabs below. Req A Req B1 Inc. Stmt Event Req B2 Bal Sheet 1. Provided service 2. Purchased supplies 3. Used supplies Totals Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with a minus sign.) Req B3 CF Stmt Cash YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation Req C and D Assets B Liabilities + Accounts Payable Supplies A 23 + 45 + Stockholders' Equity Retained Earnings Req B1 Inc Stmt > Complete this question by entering your answers in the tabs below. Req B1 Inc Stmt Req A Req B3 CF Stmt Prepare an income statement for the Year 1 accounting period. Req B2 Bal Sheet YARD PROFESSIONALS INC. Income Statement For the Year Ended December 31, Year 1 < Req A Req C and D Req B2 Bal Sheet > Complete this question by entering your answers in the tabs below. Req A Assets Total assets Req B1 Inc. Stmt Prepare a balance sheet for the Year 1 accounting period. YARD PROFESSIONALS INC. Liabilities Req B2 Bal Sheet Balance Sheet As of December 31, Year 1 Total liabilities Stockholders' Equity Req B3 CF Stmt Total stockholders' equity Total liabilities and stockholders' equity < Req B1 Inc Stmt Req C and D Req B3 CF Stmt > Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Stmt Req B2 Bal Req 3 CF Sheet Stmt 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 Req C and D Req B2 Bal Sheet Req C and D >> Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Stmt Req B2 Bal Sheet c. Supplies d. Supplies expense Req B3 CF Stmt What is the balance in the Supplies account as of January 1, Year 2? What is the balance in the Supplies Expense account a of January 1, Year 2? Req C and D < Req B3 CF Stmt Req C and D > Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $21,000 cash. 2. Purchased $6,800 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,290 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? es Complete this question by entering your answers in the tabs below. Req A Req B1 Inc. Stmt Event Req B2 Bal Sheet 1. Provided service 2. Purchased supplies 3. Used supplies Totals Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with a minus sign.) Req B3 CF Stmt Cash YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation Req C and D Assets B Liabilities + Accounts Payable Supplies A 23 + 45 + Stockholders' Equity Retained Earnings Req B1 Inc Stmt > Complete this question by entering your answers in the tabs below. Req B1 Inc Stmt Req A Req B3 CF Stmt Prepare an income statement for the Year 1 accounting period. Req B2 Bal Sheet YARD PROFESSIONALS INC. Income Statement For the Year Ended December 31, Year 1 < Req A Req C and D Req B2 Bal Sheet > Complete this question by entering your answers in the tabs below. Req A Assets Total assets Req B1 Inc. Stmt Prepare a balance sheet for the Year 1 accounting period. YARD PROFESSIONALS INC. Liabilities Req B2 Bal Sheet Balance Sheet As of December 31, Year 1 Total liabilities Stockholders' Equity Req B3 CF Stmt Total stockholders' equity Total liabilities and stockholders' equity < Req B1 Inc Stmt Req C and D Req B3 CF Stmt > Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Stmt Req B2 Bal Req 3 CF Sheet Stmt 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 Req C and D Req B2 Bal Sheet Req C and D >> Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Stmt Req B2 Bal Sheet c. Supplies d. Supplies expense Req B3 CF Stmt What is the balance in the Supplies account as of January 1, Year 2? What is the balance in the Supplies Expense account a of January 1, Year 2? Req C and D < Req B3 CF Stmt Req C and D > Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $21,000 cash. 2. Purchased $6,800 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,290 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? es Complete this question by entering your answers in the tabs below. Req A Req B1 Inc. Stmt Event Req B2 Bal Sheet 1. Provided service 2. Purchased supplies 3. Used supplies Totals Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with a minus sign.) Req B3 CF Stmt Cash YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation Req C and D Assets B Liabilities + Accounts Payable Supplies A 23 + 45 + Stockholders' Equity Retained Earnings Req B1 Inc Stmt > Complete this question by entering your answers in the tabs below. Req B1 Inc Stmt Req A Req B3 CF Stmt Prepare an income statement for the Year 1 accounting period. Req B2 Bal Sheet YARD PROFESSIONALS INC. Income Statement For the Year Ended December 31, Year 1 < Req A Req C and D Req B2 Bal Sheet > Complete this question by entering your answers in the tabs below. Req A Assets Total assets Req B1 Inc. Stmt Prepare a balance sheet for the Year 1 accounting period. YARD PROFESSIONALS INC. Liabilities Req B2 Bal Sheet Balance Sheet As of December 31, Year 1 Total liabilities Stockholders' Equity Req B3 CF Stmt Total stockholders' equity Total liabilities and stockholders' equity < Req B1 Inc Stmt Req C and D Req B3 CF Stmt > Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Stmt Req B2 Bal Req 3 CF Sheet Stmt 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 Req C and D Req B2 Bal Sheet Req C and D >> Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Stmt Req B2 Bal Sheet c. Supplies d. Supplies expense Req B3 CF Stmt What is the balance in the Supplies account as of January 1, Year 2? What is the balance in the Supplies Expense account a of January 1, Year 2? Req C and D < Req B3 CF Stmt Req C and D >
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Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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