Problem 13-34A (Algo) Two complete accounting cycles LO 13-1, 13-2, 13-3, 13-4 [The following information applies...

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Problem 13-34A (Algo) Two complete accounting cycles LO 13-1, 13-2, 13-3, 13-4 [The following information applies to the questions displayed below.) Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $43,000 cash from the issue of common stock. 2. Paid $12,800 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. 3. Performed services for customers on account for $88,000. 4. Incurred operating expenses on account of $39,000. 5. Collected $67,500 cash from accounts receivable. 6. Paid $29,000 cash for salary expense. 7. Paid $31,200 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $4,000 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $4,000 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $37,000. 3. Purchased $3,600 of supplies on account. 4. Paid $12,900 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $104,000. 6. Incurred operating expenses on account of $49,500. 7. Collected $97,000 cash from accounts receivable. 8. Paid $47,000 cash as a partial payment on accounts payable. 9. Paid $32,300 cash for salary expense. 10. Paid a $11,000 cash dividend to stockholders. Adjusting Entries 8. Paid $47,000 cash as a partial payment on accounts payable. 9. Paid $32,300 cash for salary expense. 10. Paid a $11,000 cash dividend to stockholders. Adjusting Entries 11. Made the adjusting entry for the expired rent. (Hint: Part of the rent was paid in Year 1.) 12. Recorded supplies expense. A physical count showed that $300 of supplies were still on hand. Problem 13-34A (Algo) Part d d-1. Prepare an income statement for Year 1. Expenses COLTON ENTERPRISES Income Statement For the Year Ended December 31, Year 1 Total expenses 0 $ 0 d-2. Prepare a statement of changes in stockholders' equity for Year 1. COLTON ENTERPRISES Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 $ 0 0 Total stockholders' equity $ 0 d-3. Prepare a balance sheet for Year 1. COLTON ENTERPRISES Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity $ 0 $ 0 0 $ 0 d-4. Prepare a statement of cash flows for Year 1. (Enter any decreases to account balances and cash outflows with a minus sign.) COLTON ENTERPRISES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Net change in cash Ending cash balance $ 0 $ 0 Problem 13-34A (Algo) Two complete accounting cycles LO 13-1, 13-2, 13-3, 13-4 [The following information applies to the questions displayed below.) Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $43,000 cash from the issue of common stock. 2. Paid $12,800 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. 3. Performed services for customers on account for $88,000. 4. Incurred operating expenses on account of $39,000. 5. Collected $67,500 cash from accounts receivable. 6. Paid $29,000 cash for salary expense. 7. Paid $31,200 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $4,000 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $4,000 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $37,000. 3. Purchased $3,600 of supplies on account. 4. Paid $12,900 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $104,000. 6. Incurred operating expenses on account of $49,500. 7. Collected $97,000 cash from accounts receivable. 8. Paid $47,000 cash as a partial payment on accounts payable. 9. Paid $32,300 cash for salary expense. 10. Paid a $11,000 cash dividend to stockholders. Adjusting Entries 8. Paid $47,000 cash as a partial payment on accounts payable. 9. Paid $32,300 cash for salary expense. 10. Paid a $11,000 cash dividend to stockholders. Adjusting Entries 11. Made the adjusting entry for the expired rent. (Hint: Part of the rent was paid in Year 1.) 12. Recorded supplies expense. A physical count showed that $300 of supplies were still on hand. Problem 13-34A (Algo) Part d d-1. Prepare an income statement for Year 1. Expenses COLTON ENTERPRISES Income Statement For the Year Ended December 31, Year 1 Total expenses 0 $ 0 d-2. Prepare a statement of changes in stockholders' equity for Year 1. COLTON ENTERPRISES Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 $ 0 0 Total stockholders' equity $ 0 d-3. Prepare a balance sheet for Year 1. COLTON ENTERPRISES Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity $ 0 $ 0 0 $ 0 d-4. Prepare a statement of cash flows for Year 1. (Enter any decreases to account balances and cash outflows with a minus sign.) COLTON ENTERPRISES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Net change in cash Ending cash balance $ 0 $ 0