Exercise 3-17B

Net Inc. Rev. - Exp. = Cash Flow On Dec ledger. Assets Liab. Equity + Prep. Rent Common Stock Ret. + Earn. Cash + d. What amount of net income would be reported on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year 1? e. Determine the amount of prepaid rent that would be reported on the December 31, Year 1, balance sheet. LO 3-1, 3-2 Exel Exercise 3-17B Recording transactions in general journal and T-accounts The following events apply to Colton Training Co. for Year 1, its first year of operation: 1. Received cash of $60,000 from the issue of common stock. 2. Performed $100,000 worth of services on account. 3. Paid $74,000 cash for salaries expense. 4. Purchased supplies for $13,000 on account. 5. Collected $79,000 of accounts receivable. 6. Paid $9.500 of the accounts payable. 7. Paid a $6,000 dividend to the stockholders. 8. Had $2,500 of supplies on hand at the end of the period. Required a. Record these events in general journal form. b. Post the entries to T-accounts and determine the ending balance in each account. c. Determine the amount of total assets at the end of Year 1. d. Determine the amount of net income for Year 1. Req Exe anc wil the anc a. b. c. d. e