Answer full question. The trial balance of Pacillo Security Services, Inc. as of January 1, Year 6, had the following normal balances:CashAccounts ReceivableSuppliesPrepaid RentMerchandise Inventory (24 @ $265; 1 @ $260)LandAccounts PayableUnearned RevenueSalaries PayableCommon StockRetàined Earnings$74,21013,5002003,2006,6204,0001,9509001,00050,00047,880During Year 6, Pacilio Security Services experienced the following transactions:1. Paid the salaries payable from Year 5.2. On March 1, Year 6, Pacilio established a $100 petty cash fund to handle small expenditures.3. Paid $4,800 on March 1, Year 6, for a one-year lease on the compeny van in advance.4. Paid $7,200 on May 2, Year 6, for one year's office rent in advance.5. Purchased $400 of supplies on account.6. Purchased 100 alarm systems for $28,000 cash during the year.7. Sold 102 alarm systems for $57,120. All sales were on account.8. Record the cost of goods sold related to the sale from Event 7 using the FIFO method.9. Paid $2,100 on accounts payable during the year.0. Replenished the petty cash fund on August 1. At this time, the petty cash fund had only $7 of currency left. It contained the followingreceipts: office supplies expense, $23; cutting grass, $55; and miscellaneous expense, $14.11. Billed $52,000 of monitoring services for the year.12. Paid installers and other employees a total of $25,000 cash for salaries.13. Collected $89,300 of accounts receivable during the year.14. Paid $3,600 of advertising expense during the year.15. Paid $2,500 of utilities expense for the year.16. Paid a dividend of $10,000 to the shareholdersAdjustment17. There was $160 of supplies on hand at the end of the year.18. Recognized the expired rent for both the van and the office building for the year. (The rent for both the van and the office remainedthe same for Year 5 and Year 6.) (4) A credit memo for $30 for interest earned on the checking account.(5) An NSF check for $120.(6) The balance shown on the bank statement was $80,822.GeneralGeneralIncomeTrial Balance StatementChanges inSEBalanceSheetStatementRequirementLedgerBRSAnalysisJournalof CFPrepare the statement of cash flow for year ended December 31, Year 6. (Amounts to be dedcted should be indicated with aminus sign.)Pacilio Security Services, Inc.Statement of Cash FlowsFor the Year Ended December 31, Year 6Cash flows from operating activities:$Net cash flow from operating activitiesCash flows from investing activities:Net cash flows from investing activities:Cash flows from financing activities:Net cash flow from financing activitiesEnding Cash Balance includina petty cash18. of 18Next

Cash flow statement can be defined as a financial statement which reports the change in the balance…

The trial balance of Pacillo Security Services, Inc. as of January 1, Year 6, had the following normal balances: Cash Accounts Receivable Supplies Prepaid Rent Merchandise Inventory (24 @ $265; $74,210 13,500 200 3,200 6,620 4,000 1,950 900 1,000 50,000 47,880 @ $260) Land Accounts Payable Unearned Revenue Salaries Payable Common Stock Retained Earnings During Year 6, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 5. 2. On March 1, Year 6, Pacilio established a $100 petty cash fund to handle small expenditures. 3. Paid $4,800 on March 1, Year 6, for a one-year lease on the compeny van in advance. 4. Paid $7,200 on May 2, Year 6, for one year's office rent in advance. 5. Purchased $400 of supplies on account. 6. Purchased 100 alarm systems for $28,000 cash during the year. 7. Sold 102 alarm systems for $57,120. All sales were on account. B. Record the cost of goods sold related to the sale from Event 7 using the FIFO method. e. Paid $2,100 on accounts payable during the year. D. Replenished the petty cash fund on August 1. At this time, the petty cash fund had only $7 of currency left. It contained the following receipts: office supplies expense, $23; cutting grass, $55; and miscellaneous expense, $14. 1. Billed $52,000 of monitoring services for the year. 2. Paid installers and other employees a total of $25,000 cash for salaries. B. Collected $89,300 of accounts receivable during the year. a. Paid $3,600 of advertising expense during the year. 5. Paid $2,500 of utilities expense for the year. 5. Paid a dividend of $10,000 to the shareholders. Adjustment . There was $160 of supplies on hand at the end of the year. E. Recognized the expired rent for both the van and the office building for the year. (The rent for both the van and the office remained the same for Year 5 and Year 6.)

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q