The following events pertain to Super Cleaning Company 1. 1. Acquired $16,300 cash from the issue of
Fantastic news! We've Found the answer you've been seeking!
Question:
The following events pertain to Super Cleaning Company 1.
Transcribed Image Text:
1. Acquired $16,300 cash from the issue of common stock. 2. Provided $14,300 of services on account. 3. Provided services for $5,300 cash. 4. Received $3,700 cash in advance for services to be performed in the future. 5. Collected $10,300 cash from the account recelvable created In Event 2. 6. Paid $6,300 for cash expenses. 7. Performed $1,850 of the services agreed to in Event 4. 8. Incurred $2,800 of expenses on account. 9. Paid $1,750 cash in advance for one-year contract to rent office space. 10. Paid $2,450 cash on the account payable created in Event 8. 11. Paid a $2,800 cash dividend to the stockholders. 12. Recognized rent expense for nine months' use of office space acquired in Event 9. Required Show the effects of the events on the financlal statements using a horizontal statements model Ilke the following one. In the Statement of Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. The first event is 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 require input.) SUPER CLEANING COMPANY Effect of Events on the Financial Statements Balance Sheet Income Statement Event Assets Liabilities Stockholders' Equity Revenue Expenses = Net Income Statement of Cash No. Flows Prepaid Unearned Retained Earnings Accounts Accounts Common Cash + Receivable Rent Payable Revenue Stock 1. 16,300 + 16,300 + 16,300 FA + 2. + + 3. + - + + + 4. + + 5. 6. + 7. 8. + 9. + 10. + + |= + 11. + + = 12. + + 16,300 + 0 = 이+| 16,300 + 0 - 0 = 16.300 Bal. 01+ 1. Acquired $16,300 cash from the issue of common stock. 2. Provided $14,300 of services on account. 3. Provided services for $5,300 cash. 4. Received $3,700 cash in advance for services to be performed in the future. 5. Collected $10,300 cash from the account recelvable created In Event 2. 6. Paid $6,300 for cash expenses. 7. Performed $1,850 of the services agreed to in Event 4. 8. Incurred $2,800 of expenses on account. 9. Paid $1,750 cash in advance for one-year contract to rent office space. 10. Paid $2,450 cash on the account payable created in Event 8. 11. Paid a $2,800 cash dividend to the stockholders. 12. Recognized rent expense for nine months' use of office space acquired in Event 9. Required Show the effects of the events on the financlal statements using a horizontal statements model Ilke the following one. In the Statement of Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. The first event is 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 require input.) SUPER CLEANING COMPANY Effect of Events on the Financial Statements Balance Sheet Income Statement Event Assets Liabilities Stockholders' Equity Revenue Expenses = Net Income Statement of Cash No. Flows Prepaid Unearned Retained Earnings Accounts Accounts Common Cash + Receivable Rent Payable Revenue Stock 1. 16,300 + 16,300 + 16,300 FA + 2. + + 3. + - + + + 4. + + 5. 6. + 7. 8. + 9. + 10. + + |= + 11. + + = 12. + + 16,300 + 0 = 이+| 16,300 + 0 - 0 = 16.300 Bal. 01+
Expert Answer:
Answer rating: 100% (QA)
Super cleaning company Effect of event on financial statement statement Asset Liabilities ... View the full answer
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
Students also viewed these accounting questions
-
The following events pertain to Super Cleaning Company: 1. Acquired $10,000 cash from the issue of common stock. 2. Provided $15,000 of services on account. 3. Provided services for $5,000 cash. 4....
-
The following events pertain to Super Cleaning Company: 1. Acquired $10,000 cash from the issue of common stock. 2. Provided $15,000 of services on account. 3. Provided services for $5,000 cash. 4....
-
The following events pertain to James Cleaning Company: 1. Acquired $15,000 cash from the issue of common stock. 2. Provided services for $6,000 cash. 3. Provided $18,000 of services on account. 4....
-
At January 1, 2024, Mahmoud Industries, Inc., owed Second BancCorp $12 million under a 10% note due December 31, 2026. Interest was paid last on December 31, 2022. Mahmoud was experiencing severe...
-
It has been estimated that employee absenteeism costs North American companies more than $100 billion per year. As a first step in addressing the rising cost of absenteeism, the personnel department...
-
Develop a value stream map for the process you flowcharted in question 27 to identify the valueadded and non-value-added activities. How can you estimate costs and/or revenue for the process steps?...
-
The time-dependent axial stress, \(\sigma_{x}(t)\) and the time-dependent circumferential stress, \(\sigma_{y}(t)\) in the wall of the filament-wound, thin-walled composite pressure vessel shown in...
-
An intangible asset cost $300,000 on January 1, 2011. On January 1, 2012, the asset was evaluated to determine whether it was impaired. As of January 1, 2012, the asset was expected to generate...
-
This week you will learn about Social Media and the liabilities and risks from a legal perspective. Social media is defined as electronic communication (including the Internet or network systems)...
-
Developed by Coca-Cola Asia Pacific, Coca-Cola Fiber+ (or just Coke Plus) is expanding through Hong Kong, Japan, Mainland China, Mongolia, and Taiwan. Coke Plus is a zero calorie soda (essentially...
-
What is the principal portion of the 200th payment. A fully amortizing $250,000, 30-year.Fixed rate loan with an interest rate of 4.825 percent? What is the total monthly interest and principal...
-
In an initial post, reflect on your experience working in groups in an organizational setting. What does effective group work look like? What does ineffective group work look like? Reflect on this...
-
How would you explain CLV to a small business owner who had no formal business schooling? What would be the most important things you would tell her if you had about 15 minutes with her? The Reading...
-
Select any example visualization or infographic and imagine the contextual factors have changed: If the selected project was a static work, what ideas do you have for potentially making it usefully...
-
Innovation plan In this assignment I want you to take an organization you have intimate knowledge of - preferably the place you are either currently employed or recently employed-and define a plan to...
-
Being that visual communication is based on what we see rather than what we hear, do you think nonverbal communication should be considered a strong mode of visual communication? Describe situations...
-
5. Nora eats waffles (x) and cereal (y) for breakfast. Her preferences are described by u(x, y) =x + 2y. 2 (a) If her income is $18 and prices are pr = Py = $3, how much of each food will she...
-
For the next several days, take notes on your listening performance during at least a half-dozen situations in class, during social activities, and at work, if applicable. Referring to the traits of...
-
The company experienced the following transactions during 2016. 1. Started business by acquiring $60,000 cash from the issue of common stock. 2. Purchased bakery equipment for $46,000. 3. Had sales...
-
White Co. was formed when it acquired cash from the issue of common stock. The company then issued bonds at a discount on January 1, 2016. Interest is payable on December 31 with the first payment...
-
Tyler Co. issued $250,000 of 6 percent, 10-year, callable bonds on January 1, 2016, at their face value. The call premium was 2 percent (bonds are callable at 102). Interest was payable annually on...
-
Explain the role of robotics and smart factories in manufacturing, services, and supply chains.
-
What is CAD/CAE? Provide one nontextbook example.
-
Research and write a short onetwo page paper on recent advances in robotics and their applications.
Study smarter with the SolutionInn App