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 of Req C and D Statement Sheet Req B 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
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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....
Question
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 of Req C and D
Statement
Sheet
Req B
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
Transcribed Image Text: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 of Req C and D Statement Sheet Req B 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
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