Atention CSC Home | Students | My.NCWU.E x M Question 2 - Chapter 2 Quiz - X b Success Confirmation of Quest X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252 D 15 Chapter 2 Quiz i Waddell Company had the following balances in its accounting records as of December 31, Year 1: 2 Assets Liabilities and Stockholders Equity Cash $ 54,000 Accounts Payable $ 28,000 Accounts Receivable Land 49,000 35,000 Common Stock Retained Earnings 95,000 15,000 Skipped Totals $ 138,000 $ 138,000 Mc Graw Hill Saved The following accounting events apply to Waddell Company's Year 2 fiscal year: January 1 Acquired $48,000 cash from the issue of common stock. February 1 Paid $5,700 cash in advance for a one-year lease for office space. March 1 Paid a $2,700 cash dividend to the stockholders. April 1 Purchased additional land that cost $35,000 cash. May 1 Made a cash payment on accounts payable of $17,000. July 1 Received $7,800 cash in advance as a retainer for services to be performed monthly over the coming year. September 1 Sold land for $20,000 cash that had originally cost $20,000. October 1 Purchased $940 of supplies on account. December 31 Earned $57,000 of service revenue on account during the year. December 31 Received cash collections from accounts receivable amounting to $54,000. December 31 Incurred other operating expenses on account during the year that amounted to $11,000. December 31 Recognized accrued salaries expense of $5,900. December 31 Had $170 of supplies on hand at the end of the period. December 31 The land purchased on April 1 had a market value of $44,000. December 31 Recognized $122 of accrued interest revenue. Required: Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Year 2 financial statements. (Hint: Enter items in general ledger accounts under the accounting equation before answering the questions.) a. What two additional adjusting entries need to be made at the end of the year? b. What amount would Waddell report for land on the balance sheet? c. What amount of net cash flow from operating activities would be reported on the statement of cash flows? d. What amount of rent expense would be reported on the income statement? e. What amount of total liabilities would be reported on the balance sheet? f. What amount of supplies expense would be reported on the income statement? g. What amount of unearned revenue would be reported on the balance sheet? h. What amount of net cash flow from investing activities would be reported on the statement of cash flows? i. What amount of total expenses would be reported on the income statement? j. What total amount of service revenue would be reported on the income statement? k. What amount of cash flows from financing activities would be reported on the statement of cash flows? 1. What amount of net income would be reported on the income statement? m. What amount of retained earnings would be reported on the balance sheet? Complete this question by entering your answers in the tabs below. Accounting Equation Reg A Req B to M Hint: Enter items in general ledger accounts under the accounting equation before answering the questions. Type here to search OM