Problem 3-32A Comprehensive problem: single cycle LO 3-1, 3-2, 3-3, 3-4 [The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for 2016 Jan. 30 Established the business when it acquired $48,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,000 cash Apr. 10 Purchased $710 of supplies on account. July 1 Received $24,000 cash in advance for services to be provided over the next year 20 Paid $533 of the accounts payable from April 10 Aug. 15 Billed a customer $9,300 for services provided during August. Sept. 15 Completed a job and received $3,000 cash for services rendered Oct. 1 Paid employee salaries of $30,000 cash 15 Received $8,500 cash from accounts receivable 16 Billed customers $32,000 for services rendered on account. Nov. Dec. 1 Paid a dividend of $1,100 cash to the stockholders 31 Adjusted records to recognize the services provided on the contract of July 1 31 Recorded $2,450 of accrued salaries as of December 31 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies, $60 was on hand at the end of the period Problem 3-32A Part d d. Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for 2016. (Statement of Cash Flows only, items to be deducted must be indicated with a negative amount.) SMITH TRAINING COMPANY Financial Statements For the Year Ended December 31, 2016 Income Statement Expenses Total expenses Statement of Changes in Stockholders' Equity Total Stockholders' Equity SMITH TRAINING COMPANY Balance Sheet As of December 31, 2016 Assets Total assets Liabilities Total liabilities Stockholders' Equity UI Total stockholders' equity Total liabilities and stockholders' equity SMITH TRAINING COMPANY Statement of Cash Flows For the Year Ended December 31, 2016 Cash flow from operating activities: Net cash flow from operating activities Cash flow from investing activities Cash flows from financing activities Net cash flow from financing activities Ending cash balance e. Record the entries to close the 2016 temporary accounts to Retained Earnings in the general journal and post to the T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the closure of service revenue. 2 Record the closure of expenses account 3 Record the payment of Dividends. Credit Note:journal entry has been entered Record entry Clear entry View general journal Cash Accounts Receivable Beg. Bal Beg. Bal. End. Bal End. Bal Prepaid Rent Supplies Beg. Bal Beg. Bal. End. Bal. End. Bal Accounts Payable Unearned Revenue Beg. Bal End. Bal Beg. Bal. End. Bal. Salaries Payable Common Stock Beg. Bal End. Bal Beg. Bal. End. Bal. Retained Earnings Dividends Beg. Bal. Beg. Bal Cl Cl End. Bal Cl Cl End. Bal. Service Revenue Salaries Expense Beg. Bal. Cl End. Bal. Beg. Bal. Cl End. Bal. Rent Expense Supplies Expense Beg. Bal Beg. Bal. Cl Cl End. Bal End. Bal. f. Prepare a post-closing trial balance for December 31, 2016 SMITH TRAINING COMPANY Post-Closing Trial Balance December 31, 2016 Account Titles Debit Credit Totals