Question: multi step problem, i appreciate the help! Yard Professionals Inc. experienced the following events in 2018, its first year of operation: 1. Performed counseling services





Yard Professionals Inc. experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $34.000 cash. 2. Purchased $8,200 of supplies on account. 3. A physical count on December 31, 2018, found that there was $1,560 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 2018 accounting period. c. What is the balance in the Supplies account as of January 1, 2019? d. What is the balance in the Supplies Expense account as of January 1, 2019? Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Stmt Req B2 Bal Sheet Reg B3 CF Stmt Regs C and D Record the events under an accounting equation. (Enter any decrence to annuin halunnar... Req A Req B1 Inc Stmt Req B2 Bal Sheet Req B3 CF Stmt Reqs C and D Record the events under an accounting equation. (Enter any decreases to account balance Assets YARD PROFESSIONALS INC. Effect of Events on the Accounting Equation Liabilities Event Accounts Cash Supplies = Payable 1. Performed counseling services 2. Purchased supplies 3. Used supplies Totals + stog Stockholders Equity Retained Earnings 0 0 + & Rega Req B1 Inc Stmt > Req A Req B1 Inc Stmt Req B2 Bal Sheet Req B3 CF Stmt Reqs C and D Prepare an income statement for the 2018 accounting period. YARD PROFESSIONALS INC. Income Statement For the Year Ended December 31, 2018 Accounts payable Accounts receivable
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
