The following events apply to Lewis and Harper, a public accounting firm, for the 2018 accounting period: Performed $94,500 of services for clients on account.Performed $53,000 of services for cash.Incurred $54,000 of other operating expenses on account.Paid $21,500 cash to an employee for salary.Collected $67,000 cash from accounts receivable.Paid $37,000 cash on accounts payable.Paid a $8,000 cash dividend to the stockholders.Accrued salaries were $4,600 at the end of 2018. Required Show the effects on the financial statements using a horizontal statements model like the following one. In the cash flow column, use OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change. If the element is not affected by the event, leave the cell blank. The first transaction is shown as an example.What is the amount of total assets at the end of 2018?What is the balance of accounts receivable at the end of 2018?What is the balance of accounts payable at the end of 2018?What is the net income for 2018?What is the amount of net cash flow from operating activities for 2018? Complete this question by entering your answers in the tabs below.Req AReq B to GShow the effects on the financial statements using a horizontal statements model like the following one. In the cash flow column, use OA to designate operating activity, IA for investing activity,FA for financing activity, or NC for net change. If the element is not affected by the event, leave the cell blank. The first transaction is shown as an example. (Not all cells will require input.)LEWIS AND HARPERStatements ModelFor Accounting Year 2018StockholdersEquityLiabilitiesAssetsIncome Statement+EventNo.Statement ofCash FlowAccountsReceivableAccountsSalariesRetainedNetExpenseCashRevenue+PayableEarningsPayableIncome94,500194.50094,50094,500++53,000 OA53,00053,0002.53,00053,000+(54,000)(21,500)054,000354,000(54,000)+(21,500)(21,500)4.(21,500)21,500OA067,000 OA67,0005.(67,000)+=0(37,000)ОАOA6(37,000)(37,000)+0(8,000)(8,000) FA7(8,000)+084,6004,600(4,600)+4,60067,40053,50027,50017,00064,000147,50080,10053,500Totals+ Requireda. Show the effects on the financial statements using a horizontal statements model like the following one. In the cash flow column,use OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change. If the element is notaffected by the event, leave the cell blank. The first transaction is shown as an example.b. What is the amount of total assets at the end of 2018?c. What is the balance of accounts receivable at the end of 2018?d. What is the balance of accounts payable at the end of 2018?e. What is the net income for 2018?f. What is the amount of net cash flow from operating activities for 2018Answer is not complete.Complete this question by entering your answers in the tabs below.Req AReq B to GWhat is the amount of total assets, balance of accounts receivable, accounts payable, net income and net cash flow fromoperating activities at the end of 2018?Total assets81,000Accounts receivable27,500CAccounts payable$17,00067,400Net incomefNet cash flow from operating activities for 201861,500gReq AReq B to G

1. Show the effects on the financial statements using a horizontal statements model:

Answered: Complete this question by entering your…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

100%

The following events apply to Lewis and Harper, a public accounting firm, for the 2018 accounting period:

Performed $94,500 of services for clients on account.
Performed $53,000 of services for cash.
Incurred $54,000 of other operating expenses on account.
Paid $21,500 cash to an employee for salary.
Collected $67,000 cash from accounts receivable.
Paid $37,000 cash on accounts payable.
Paid a $8,000 cash dividend to the stockholders.
Accrued salaries were $4,600 at the end of 2018.

Required

Show the effects on the financial statements using a horizontal statements model like the following one. In the cash flow column, use OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change. If the element is not affected by the event, leave the cell blank. The first transaction is shown as an example.
What is the amount of total assets at the end of 2018?
What is the balance of accounts receivable at the end of 2018?
What is the balance of accounts payable at the end of 2018?
What is the net income for 2018?
What is the amount of net cash flow from operating activities for 2018?

Complete this question by entering your answers in the tabs below.
Req A
Req B to G
Show the effects on the financial statements using a horizontal statements model like the following one. In the cash flow column, use OA to designate operating activity, IA for investing activity,
FA for financing activity, or NC for net change. If the element is not affected by the event, leave the cell blank. The first transaction is shown as an example. (Not all cells will require input.)
LEWIS AND HARPER
Statements Model
For Accounting Year 2018
Stockholders
Equity
Liabilities
Assets
Income Statement
+
Event
No.
Statement of
Cash Flow
Accounts
Receivable
Accounts
Salaries
Retained
Net
Expense
Cash
Revenue
+
Payable
Earnings
Payable
Income
94,500
1
94.500
94,500
94,500
+
+
53,000 OA
53,000
53,000
2.
53,000
53,000
+
(54,000)
(21,500)
0
54,000
3
54,000
(54,000)
+
(21,500)
(21,500)
4.
(21,500)
21,500
OA
0
67,000 OA
67,000
5.
(67,000)
+
=
0(37,000)
ОА
OA
6
(37,000)
(37,000)
+
0
(8,000)
(8,000) FA
7
(8,000)
+
0
8
4,600
4,600
(4,600)
+
4,600
67,400
53,500
27,500
17,000
64,000
147,500
80,100
53,500
Totals
+
<Req A
Req B to G

Required
a. Show the effects on the financial statements using a horizontal statements model like the following one. In the cash flow column,
use OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change. If the element is not
affected by the event, leave the cell blank. The first transaction is shown as an example.
b. What is the amount of total assets at the end of 2018?
c. What is the balance of accounts receivable at the end of 2018?
d. What is the balance of accounts payable at the end of 2018?
e. What is the net income for 2018?
f. What is the amount of net cash flow from operating activities for 2018
Answer is not complete.
Complete this question by entering your answers in the tabs below.
Req A
Req B to G
What is the amount of total assets, balance of accounts receivable, accounts payable, net income and net cash flow from
operating activities at the end of 2018?
Total assets
81,000
Accounts receivable
27,500
C
Accounts payable
$
17,000
67,400
Net income
f
Net cash flow from operating activities for 2018
61,500
g
Req A
Req B to G

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.