Required information (The following information applies to the questions displayed below] The following transactions pertain to Smith Training Company for Year 1 Established the business when it acquired $52,000 cash from the issue of common stock. Paid rent for office space for two years, $24,000 cash. Purchased $810 of supplies on account. Received $25,000 cash in advance for services to be provided over the next year. Paid $608 of the accounts payable from April 10. Billed a customer $9,100 for services provided during August. Completed a job and received $2,700 cash for services rendered. Paid employee salaries of $37,500 cash. Received $8,000 cash from accounts receivable. January 30 February 11 April 10 July 1 July 20 August 15 September 15 October 1 October 15 November 16 December 1 December 31 Adjusted records to recognize the services provided on the contract of July 1. December 31 December 31 December 31 Recorded $2,400 of accrued salaries as of December 31. Recorded the rent expense for the year. (See February 1.1 Physically counted supplies; $50 was on hand at the end of the period. Billed customers $34,500 for services rendered on account. Paid a dividend of $800 cash to the stockholders. d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign.
Required information (The following information applies to the questions displayed below] The following transactions pertain to Smith Training Company for Year 1 Established the business when it acquired $52,000 cash from the issue of common stock. Paid rent for office space for two years, $24,000 cash. Purchased $810 of supplies on account. Received $25,000 cash in advance for services to be provided over the next year. Paid $608 of the accounts payable from April 10. Billed a customer $9,100 for services provided during August. Completed a job and received $2,700 cash for services rendered. Paid employee salaries of $37,500 cash. Received $8,000 cash from accounts receivable. January 30 February 11 April 10 July 1 July 20 August 15 September 15 October 1 October 15 November 16 December 1 December 31 Adjusted records to recognize the services provided on the contract of July 1. December 31 December 31 December 31 Recorded $2,400 of accrued salaries as of December 31. Recorded the rent expense for the year. (See February 1.1 Physically counted supplies; $50 was on hand at the end of the period. Billed customers $34,500 for services rendered on account. Paid a dividend of $800 cash to the stockholders. d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
please avoid solutions image based thanx
![Required information
[The following information applies to the questions displayed below]
The following transactions pertain to Smith Training Company for Year 1
January 30
February 1
April 10
July 1.
July 201
August 15
September 15
October 1
October 15
November 16
December 1
December 31 Adjusted records to recognize the services provided on the contract of July 1.
December 31
Recorded $2,400 of accrued salaries as of December 31.
Required information
December 31
Recorded the rent expense for the year. (See February 1.)
December 31 Physically counted supplies; $50 was on hand at the end of the period.
Assets
Cash
Supplies
d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for
Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign.
Total assets
Liabilities
Accounts payable
Salaries payable
Established the business when it acquired $52,000 cash from the issue of common stock.
Paid rent for office space for two years, $24,000 cash.
Purchased $810 of supplies on account.
Received $25,000 cash in advance for services to be provided over the next year.
Paid $608 of the accounts payable from April 10.
Total liabilities
Stockholders' Equity
Common stock
Retained earnings
Billed a customer $9,100 for services provided during August.
Completed a job and received $2,700 cash for services rendered.
Paid employee salaries of $37,500 cash.
Received $8,000 cash from accounts receivable.
Billed customers $34,500 for services rendered on account.
Paid a dividend of $800 cash to the stockholders.
WARUM Lung
Common stock
Retained earings
Total stockholders' equity
Total liabilities and stockholders' equity
SMITH TRAINING COMPANY
Balance Sheet
As of December 31, Year 1
Required information
Total stockholders' equity
Total liabilities and stockholders' equity
Ending cash balance
Cash flows from operating activities:
Net cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities:
.
Net cash flows from financing activities
$
S
S
24,792
50
0
$
202
2.400
0
52,000
6,340
0
SMITH TRAINING COMPANY
Statement of Cash Flows
For the Year Ended December 31, Year 1
S 24.842
$
$
at
52,000
6,340
0
$
$
2.602
58.340
60,942
$
58.340
60,942
0
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe5213aea-34f8-4732-8870-716467e80992%2F1fead4b8-97e2-4a2a-9d32-213814045733%2Fmuk22ff_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below]
The following transactions pertain to Smith Training Company for Year 1
January 30
February 1
April 10
July 1.
July 201
August 15
September 15
October 1
October 15
November 16
December 1
December 31 Adjusted records to recognize the services provided on the contract of July 1.
December 31
Recorded $2,400 of accrued salaries as of December 31.
Required information
December 31
Recorded the rent expense for the year. (See February 1.)
December 31 Physically counted supplies; $50 was on hand at the end of the period.
Assets
Cash
Supplies
d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for
Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign.
Total assets
Liabilities
Accounts payable
Salaries payable
Established the business when it acquired $52,000 cash from the issue of common stock.
Paid rent for office space for two years, $24,000 cash.
Purchased $810 of supplies on account.
Received $25,000 cash in advance for services to be provided over the next year.
Paid $608 of the accounts payable from April 10.
Total liabilities
Stockholders' Equity
Common stock
Retained earnings
Billed a customer $9,100 for services provided during August.
Completed a job and received $2,700 cash for services rendered.
Paid employee salaries of $37,500 cash.
Received $8,000 cash from accounts receivable.
Billed customers $34,500 for services rendered on account.
Paid a dividend of $800 cash to the stockholders.
WARUM Lung
Common stock
Retained earings
Total stockholders' equity
Total liabilities and stockholders' equity
SMITH TRAINING COMPANY
Balance Sheet
As of December 31, Year 1
Required information
Total stockholders' equity
Total liabilities and stockholders' equity
Ending cash balance
Cash flows from operating activities:
Net cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities:
.
Net cash flows from financing activities
$
S
S
24,792
50
0
$
202
2.400
0
52,000
6,340
0
SMITH TRAINING COMPANY
Statement of Cash Flows
For the Year Ended December 31, Year 1
S 24.842
$
$
at
52,000
6,340
0
$
$
2.602
58.340
60,942
$
58.340
60,942
0
0
0
0
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