The following information is available for Pacilio Security Services, Inc. for Year 1, Its first year...
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The following information is available for Pacilio Security Services, Inc. for Year 1, Its first year of operations. Pacilio provides security services for local sporting events. The following summary transactions occurred during Year 1: 1. Acquired $6.000 from the issue of common stock. 2 Borrowed $5.000 from the Small Business Government Agency. The loan is interest-free. 3. Performed security services at local sporting events during the year for $9.000 cash. 4. Paid salaries expense of $3.000 for the year. 5. Purchased land for $4,000. 6. Paid other operating expenses of $2.000 for the year, 7. Paid a cash dividend to the shareholders of $2.500. 8. The market value of the land was determined to be $4.,500 at December 31. Year 1. Required o. Show the effects of the events on the financial statements using a horizontal statements model given below. In the Cash Flows column, use OA to designate operating activity, IA for investing activity. FA for financing activity. NC for net change in cash and NA to Indicate accounts not affected by the event. b. Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. c. Indicate whether the transaction increases (+), decreases (-), or increases and decreases (+/-) for each element of the financial statements. Also, in the Cash Flow column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity. The first transaction is recorded as an example. Required B Inc Stmt Required B Stmt Stkholders Eq Required B Bal Sheet Required B Stmt of Cash Flows Required C Analysis Required A Indicate whether the transaction Increases (+), decreases (-), or increases and decreases (+/-) for each element of the financlal statements. Al column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity. The first transaction is recorded as a Pacillio Security Services Horizontal Statements Model for Year 1 Income Statement Stockholders Equity Statement of Cash Flows Event Assets Liabilities Net Income Revenues Expenses 1. FA 12. 4. 16. 7. < Required B Stmt of Cash Flows The following information is available for Pacilio Security Services, Inc. for Year 1, Its first year of operations. Pacilio provides security services for local sporting events. The following summary transactions occurred during Year 1: 1. Acquired $6.000 from the issue of common stock. 2 Borrowed $5.000 from the Small Business Government Agency. The loan is interest-free. 3. Performed security services at local sporting events during the year for $9.000 cash. 4. Paid salaries expense of $3.000 for the year. 5. Purchased land for $4,000. 6. Paid other operating expenses of $2.000 for the year, 7. Paid a cash dividend to the shareholders of $2.500. 8. The market value of the land was determined to be $4.,500 at December 31. Year 1. Required o. Show the effects of the events on the financial statements using a horizontal statements model given below. In the Cash Flows column, use OA to designate operating activity, IA for investing activity. FA for financing activity. NC for net change in cash and NA to Indicate accounts not affected by the event. b. Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. c. Indicate whether the transaction increases (+), decreases (-), or increases and decreases (+/-) for each element of the financial statements. Also, in the Cash Flow column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity. The first transaction is recorded as an example. Required B Inc Stmt Required B Stmt Stkholders Eq Required B Bal Sheet Required B Stmt of Cash Flows Required C Analysis Required A Indicate whether the transaction Increases (+), decreases (-), or increases and decreases (+/-) for each element of the financlal statements. Al column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity. The first transaction is recorded as a Pacillio Security Services Horizontal Statements Model for Year 1 Income Statement Stockholders Equity Statement of Cash Flows Event Assets Liabilities Net Income Revenues Expenses 1. FA 12. 4. 16. 7. < Required B Stmt of Cash Flows
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Ans1 Pacillio Security Services Horizontal Statements Model for Year 1 Income Statement Event Assets Liabilities Stockholders Equity Revenues Expenses ... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
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