Question: ework Assignment i Saved Exercise 3-7A (Algo) Unearned items on financial statements LO 3-3. Yard Designs (YD) experienced the following events in Year 1,

LO 3-3. Yard Designs (YD) experienced the following events in Year 1,

its first year of operation: 1. On October 1, Year 1, YD

collected $21,600 for consulting services it agreed to provide during the coming

ework Assignment i Saved Exercise 3-7A (Algo) Unearned items on financial statements LO 3-3. Yard Designs (YD) experienced the following events in Year 1, its first year of operation: 1. On October 1, Year 1, YD collected $21,600 for consulting services it agreed to provide during the coming year. 2. Adjusted the accounts to reflect the amount of consulting service revenue recognized in Year 1. Required: Based on this information alone: a. Record the events under an accounting equation. Note: Enter any decreases to account balances with a minus sign. YARD DESIGNS Accounting Equations for the Year 1 Assets Stockholders' Liabilities Event Equity Cash Unearned Revenue Retained + Earnings Advance payment Revenue earned + 0 = 0 b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. Note: In statement of cash flows, cash outflows should be indicated with a minus sign. YARD DESIGNS Income Statement < Prev 2 of 9

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Chemistry 30 Student Directed Study Chemistry plays an integral part in many facets of your everyday life. Your assignment will be to delve into the chemistry of something that interests you and to...

La empresa quiere adquirir una nueva maquinaria, que generar una rentabilidad del 8%. Para el efecto se endeudar de la siguiente forma: Bonos a una tasa del 7%; un prstamo a largo plazo al 13% y una...

Exercise 3-7A (Algo) Unearned items on financial statements LO 3-3 Yard Designs (YD) experienced the following events in Year 1, its first year of operation: 1. On October 1, Year 1, YD collected...

3-Dimensional Pharmaceuticals Selected Financial Information Expected net income after tax next year before new financing $40 million. Sinking-fund payments due next year on existing debt $14 million...

Find ROE, Net profit margin (listed as net margin), assetturnover, financial leverage for the last threeyears for your company. You also may use debt/equity ratioin your analysis. Present ratios in 2...

Exercise 3-7A (Algo) Unearned items on financial statements LO 3-3 Yard Designs (YD) experienced the following events in Year 1, its first year of operation: 1. On October 1, Year 1, YD collected...

Exercise 3 - 7 A ( Algo ) Unearned items on financial statements LO 3 - 3 Yard Designs ( YD ) experienced the following events in Year 1 , its first year of operation: On October 1 , Year 1 , YD...

Exercise 3-7A (Algo) Unearned items on financial statements LO 3-3 Yard Designs (YD) experienced the following events in Year 1, its first year of operation: 1. On October 1, Year 1, YD collected...

Exercise 3-7A (Algo) Unearned items on financial statements LO 33 Yard Designs (YD) experienced the following events in Year 1 , its first year of operation: 1. On October 1, Year 1, YD collected...

xercise 3-7A (Algo) Unearned items on financial statements LO 3-3 Yard Designs (YD) experienced the following events in Year 1: Its first year of operation: 1. On October 1, Year 1, YD collected...

Solve for paraboloid and Hyperboloid. A particle of mass m moves along a curve given in the table below At any time t, discuss the following points of the system in detail. a) An appropriate figure....

What is a letter of credit?

Which of the following is NOT an example of an incident management metric described in the course?Time to acknowledge ( TTA ) Time to ticket ( TTT ) Time to notify ( TTN ) Time to restore service (...

The currents iLa (t) and iC (t) of the inductor and capacitor in the circuit shown can be drawn as phasors in a phasor diagram. Use a phasor diagram to show that iL(t) + iC (t) = iS(t). i 1 c(t) 10 mH

Indicate whether each of the following supports the use of long-term debt to raise capital or the issuance of common shares: a. Annual payment is optional. b. Money must be repaid. c. Issuance means...

An engineer living at a an elevation of 2500 ft is conducting experiments to verify predictions of glider performance. To process data, density of ambient air is needed. Th e engineer measures...

Motion control, which includes position or force control, is used in robotics and machining. Force control requires the designer to consider two phases: contact and noncontact motions. Figure...

We wish to augment a Fibonacci heap H to support two new operations without changing the amortized running time of any other Fibonacci-heap operations. a. The operation FIB-HEAP-CHANGE-KEY(H, x, k)...

Create a 200 word summary on the Juvenile Justice System than and today. Describe The Juvenile system and provide a generalizable definition. Highlight the issues in the Juvenile system and why this...

When using cost-estimation methods based on past data, what are the trade-offs between gathering more and fewer data? Give an example of a step cost other than the examples mentioned in the text.

Explain the objection to using past data to estimate future costs. Is the past always irrelevant to predicting the future? Explain. How might you reasonably adjust cost-estimation / esults based on...

Discuss the objectivity/subjectivity trade-off that apparently is a key difference between multiple regression analysis and account analysis. Is one always more objective or subjective than the...