Exercise 2-13A (Algo) Supplies on financial statements LO 2-5, 2-8 Yard Professionals Incorporated experienced the following events in Year 1, its first year of operation: 1. Performed services for $24,000 cash. 2. Purchased $7,200 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,310 of supplies on hand. Required a. Record the events in general ledger accounts under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Req A Req B Income Req B Balance Statement Sheet Req B Statement of Req C and D Cash Flows Prepare a statement of cash flows for the Year 1 accounting period. YARD PROFESSIONALS INCORPORTAED Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance $ 0 0 $ 0
Exercise 2-13A (Algo) Supplies on financial statements LO 2-5, 2-8 Yard Professionals Incorporated experienced the following events in Year 1, its first year of operation: 1. Performed services for $24,000 cash. 2. Purchased $7,200 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,310 of supplies on hand. Required a. Record the events in general ledger accounts under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Req A Req B Income Req B Balance Statement Sheet Req B Statement of Req C and D Cash Flows Prepare a statement of cash flows for the Year 1 accounting period. YARD PROFESSIONALS INCORPORTAED Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance $ 0 0 $ 0
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 6PB: Single-step income Statement and balance sheet Selected accounts and related amounts for Kanpur Co....
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