connect.meducation.com/flow/connect k Chapter 20 Help Puzza Express Inc. began the Year 2 accounting period with $7,000 cash, 55,000 of common stock, and $2,000 of retained earrings Pizza Bpress was affected by the following accounting events during Year 2 Purchased 522,000 of supplies on account b. Earned and collected $29.000 of cash revenue 1. Adjusted the records to reflect the use of supplies Aphysical count indicated that 53,000 of supples was still on hand on December 31, Year 2 Required a. Show the effects of the events on the financial statements using a horizontal statements model given below. In the Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity, NC for net change in cash and A to indicate accounts not affected by the event the beginning balances have been recorded as an example (Enter any decreases to account balances and cash outflows with a minus sign) PLZZA EXPRESS INC Efect of Events lancial Statements for Year 2 Stockholders' Equity Retained Stock Tags 5000 2.000 Accounts Payable Expense 7000 Beg Ba 1. + . NA 2 + 3 4 Total + + 7.000 0 5000 + 2.000 0 >> Homework Chapter 2 Saved 7 The following information was drawn from the accounting records of Wyckoff Company as of December 31, Year 2 before the temporary accounts had been closed. The Cash balance was $3.390, and Notes Payable amounted to $22.000. The company had revenues of $3.590 and expenses of 2.390. The company's Land account had an $4,500 balance. Didends amounted to $200. There was $900 of common stock is Required a. Identify which accounts would be classified as permanent and which accounts would be classified as temporary slog Account Classificatio Clash Notes payable Res Expenses Land Dividendo Common stock Relined earings b. Assuming that Wyckoff's beginning balance (as of January 1 Year 2 in the Retained Earrings account was $3.500 determine balance after the temporary accounts were closed at the end of ear 2 Ending the sam c. What amount of net income would Wyckoff Company report on its Year 2 income statement Net Income ME Gm