Hi, can I get some help with this? I also need B. C. And D. Thank you! Cowboy Ice Cream (CIC) had the following events in the Year 1 fiscal year:1. The company started when it acquired $17,000 cash by issuing common stock.2. Purchased a new cooktop that cost $13,700 cash.3. Earned $23,600 in cash revenue.4. Paid $10,400 cash for salaries expense.5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life offour years and an estimated salvage value of $3,000. Use straight-line depreciation. The adjusting entry was made as ofDecember 31, Year 1.Requireda. Record the above transactions in a horizontal statements model.b. What amount of depreciation expense would ClC report on the Year 1 income statement?c. What amount of accumulated depreciation would CIC report on the December 31, Year 2, balance sheet?d. Would the cash flow from operating activities be affected by depreciation in Year 1?Complete this question by entering your answers in the tabs below.Reg AReg B to DRecord the above transactions in a horizontal statements model. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an inve(IA), a financing activity (FA), or net change in cash (NC). If the element is not affected by the event, leave the dell blank. Enter any decreases to accountcash outflows with a minus sign. Not all cells will require entry.)COWBOY ICE CREAM COMPANYHorizontal Statements ModelBalance SheetIncome StatementStatement of CashFlowsAssetsEquityEventRevenueExpense= Net IncomeRetainedCommonStockBVCashEquipmentEarnings Reg AReg B to DRecord the above transactions in a horizontal statements model. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an in(IA), a financing activity (FA), or net change in cash (NC). If the element is not affected by the event, leave the cell blank. Enter any decreases to accoucash outflows with a minus sign. Not all cells will require entry.)COWBOY ICE CREAM COMPANYHorizontal Statements ModelBalance SheetIncome StatementStatement of CashAssetsEquity%3DEventFlowsRetainedRevenueExpense= Net IncomeCommonStockBVCash+.EquipmentEarnings1.2.3.%3D%3D4.%3D5.%3D%3DBal.0 =01 +Req B to D>

The accounting equation states that assets equal to sum of liabilities and equity.

owboy Ice Cream (CIC) had the following events in the Year 1 fiscal year: 1. The company started when it acquired $17,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $13,700O cash. 3. Earned $23,600 in cash revenue. 4. Paid $10,400 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of four years and an estimated salvage value of $3,000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. Required a. Record the above transactions in a horizontal statements model. b. What amount of depreciation expense would CIC report on the Year 1 income statement? c. What amount of accumulated depreciation would CIC report on the December 31, Year 2, balance sheet? d. Would the cash flow from operating activities be affected by depreciation in Year 1?

owboy Ice Cream (CIC) had the following events in the Year 1 fiscal year: 1. The company started when it acquired $17,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $13,700O cash. 3. Earned $23,600 in cash revenue. 4. Paid $10,400 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of four years and an estimated salvage value of $3,000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. Required a. Record the above transactions in a horizontal statements model. b. What amount of depreciation expense would CIC report on the Year 1 income statement? c. What amount of accumulated depreciation would CIC report on the December 31, Year 2, balance sheet? d. Would the cash flow from operating activities be affected by depreciation in Year 1?

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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