Account Cash Accounts receivable Accounts payable Common stock Retained earnings The following events apply to Oak Consulting for Year 2 1. Provided $67,700 of services on account. 2. Incurred $2.700 of operating expenses on account. 3. Collected $50.700 of accounts receivable 4. Paid $34,900 cash for salaries expense. 5. Paid $12,330 cash as a partial payment on accounts payable 6. Paid a $9,900 cash dividend to the stockholders c. Show the beginning balances and the transactions in a horizontal statements model. (Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Not all cells require input.) No Bal 1 Balance $ 26,700 16,400 11,000 19,200 12,900 Cash Assets Accounts Receivable OAK CONSULTING Effect of Transactions on the Financial Statements for Year 2 Balance Sheet Liabilities Accounts Payable FLAMON Stockholders' Equity Common Stock Retained Earnings Revenue Income Statement Expenses- Net Income Statement of Cash Flows

Account Cash Accounts receivable Accounts payable Common stock Retained earnings The following events apply to Oak Consulting for Year 2 1. Provided $67,700 of services on account. 2. Incurred $2.700 of operating expenses on account. 3. Collected $50.700 of accounts receivable 4. Paid $34,900 cash for salaries expense. 5. Paid $12,330 cash as a partial payment on accounts payable 6. Paid a $9,900 cash dividend to the stockholders c. Show the beginning balances and the transactions in a horizontal statements model. (Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Not all cells require input.) No Bal 1 Balance $ 26,700 16,400 11,000 19,200 12,900 Cash Assets Accounts Receivable OAK CONSULTING Effect of Transactions on the Financial Statements for Year 2 Balance Sheet Liabilities Accounts Payable FLAMON Stockholders' Equity Common Stock Retained Earnings Revenue Income Statement Expenses- Net Income Statement of Cash Flows

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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