Required information (The following information applies to the questions displayed below] The following transactions pertain to Smith Training Company for Year 1 Established the business when it acquired $52,000 cash from the issue of common stock. Paid rent for office space for two years, $24,000 cash. Purchased $810 of supplies on account. Received $25,000 cash in advance for services to be provided over the next year. Paid $608 of the accounts payable from April 10. Billed a customer $9,100 for services provided during August. Completed a job and received $2,700 cash for services rendered. Paid employee salaries of $37,500 cash. Received $8,000 cash from accounts receivable. January 30 February 11 April 10 July 1 July 20 August 15 September 15 October 1 October 15 November 16 December 1 December 31 Adjusted records to recognize the services provided on the contract of July 1. December 31 December 31 December 31 Recorded $2,400 of accrued salaries as of December 31. Recorded the rent expense for the year. (See February 1.1 Physically counted supplies; $50 was on hand at the end of the period. Billed customers $34,500 for services rendered on account. Paid a dividend of $800 cash to the stockholders. d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign.
Required information (The following information applies to the questions displayed below] The following transactions pertain to Smith Training Company for Year 1 Established the business when it acquired $52,000 cash from the issue of common stock. Paid rent for office space for two years, $24,000 cash. Purchased $810 of supplies on account. Received $25,000 cash in advance for services to be provided over the next year. Paid $608 of the accounts payable from April 10. Billed a customer $9,100 for services provided during August. Completed a job and received $2,700 cash for services rendered. Paid employee salaries of $37,500 cash. Received $8,000 cash from accounts receivable. January 30 February 11 April 10 July 1 July 20 August 15 September 15 October 1 October 15 November 16 December 1 December 31 Adjusted records to recognize the services provided on the contract of July 1. December 31 December 31 December 31 Recorded $2,400 of accrued salaries as of December 31. Recorded the rent expense for the year. (See February 1.1 Physically counted supplies; $50 was on hand at the end of the period. Billed customers $34,500 for services rendered on account. Paid a dividend of $800 cash to the stockholders. d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign.
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 6SEA
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