Required a. Record the previous transactions in a horizontal statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). b. What amount of depreciation expense would Gulf Seafood report on the Year 1 income statement? c. What amount of accumulated depreciation would Gulf Seafood report on the December 31, Year 2, balance sheet? d. Would the cash flow from operating activities be affected by depreciation in Year 1? Complete this question by entering your answers in the tabs below. Req A Req B to D Record the previous transactions in a horizontal statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activitie activities (IA), or financing activities (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Event Cash Assets Book Value of Equipment + 1. 2. 3. 4. 5. Balance *NC= Net change in cash + + + + + Balance Sheet + E = ||||||| GULF SEAFOOD Horizontal Statements Model Stockholders' Equity Retained Earnings Common Stock + + ++ + + + Revenue Statement of Cash Flows NC

Complete this question by entering your answers in the tabs below. b. What amount of depreciation expense would Gulf Seafood report on the Year 1 income statement? c. What amount of accumulated depreciation would Gulf Seafood report on the December 31, Year 2, balance sheet? d. Would the cash flow from operating activities be affected by depreciation in Year 1 ? 1. The company started when it acquired $60,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $40,000 cash. 3. Earned $72,000 in cash revenue. 4. Paid $25,000 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of four years and an estimated salvage value of $4,000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. Required a. Record the previous transactions in a horizontal statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). b. What amount of depreciation expense would Gulf Seafood report on the Year 1 income statement? c. What amount of accumulated depreciation would Gulf Seafood report on the December 31, Year 2, balance sheet? d. Would the cash flow from operating activities be affected by depreciation in Year 1 ? Complete this question by entering your answers in the tabs below. Record the previous transactions in a horizontal statements model. Also, in the Statement of Cash Flows column, classify the cash flows as o activyties (IA), or financing activities (FA). Note. Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. equired Record the previous transactions in a horizontal statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (A), or financing activities (FA). What amount of depreciation expense would Gulf Seafood report on the Year 1 income statement? What amount of accumulated depreciation would Guif Seafood report on the December 31, Year 2, balance sheet? Would the cash flow from operating activities be affected by depreciation in Year 1 ? Complete this question by entering your answers in the tabs below. Record the previous transactions in a horizontal statements model. Also, in the Statement of Cash Flows column, classify the cash flows activities (IA), or financing activities (FA). Note: Enter any decreases to account balances and cash outflows with a minus slgn. Leave cells blank if no input is needed