Question: Please help me with this question I am so stuck! :( Hart, Attorney at Law, experienced the following transactions in Year 1, the first year

Please help me with this question I am so stuck! :( Hart,

Please help me with this question I am so stuck! :(

Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: 1. Accepted $17,500 on April 1, Year 1 , as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $63,000. 3. Purchased $1,050 of office supplies on account. 4. Paid $945 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,400. 6. Paid cash for operating expenses of $21,400. 7. Determined that at the end of the accounting period $95 of office supplies remained on hand. 8. On December 31, Year 1, recognized the revenue that had been earned for services performed in accordance with Transaction 1. Required Show the effects of the events on the financial statements using the following horizontal statements model. In the Cash Flows column, use OA to designate operating activity, FA for financing activity, IA for investing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. The first event has been recorded as an example. (Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells will require entry.)

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!