The trial balance of Pacilio Security Services, Inc. as of January 1, Year 5, had the following normal balances: Cash$62,860 Accounts receivable 20,500 Supplies 150 Prepaid rent 2,000 Merchandise inventory (9 @ $240) 2,160 Land 4,000 Accounts payable 980 Salaries payable 1,500 Common stock 50,000 Retained earnings 39,190 During Year 5, Pacilio Security Services experienced the following transactions:Paid the salaries payable from Year 4.On January 15, purchased 20 standard alarm systems for cash at a cost of $250 each.On February 1, paid the accounts payable of $980, but not within the discount period. (The company uses the gross method.)On March 1, leased a business van. Paid $4,800 for one year’s lease in advance.Paid $7,200 on May 1 for one year’s rent on the office in advance.Purchased with cash $500 of supplies to be used over the next several months by the business.Purchased with cash another 25 alarm systems on August 1 for resale at a cost of $260 each.On September 5, purchased on account 30 standard alarm systems at a cost of $265.Installed 60 standard alarm systems for $33,000. Sales of $22,000 were on account, while $11,000 were cash sales.Record the cost of goods sold related to the sale from Event 9 using the perpetual FIFO method.Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260. Record the reversal of revenue.Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260. Record the reversal of cost.Paid installers and other employees a total of $21,000 cash for salaries.Sold $45,000 of monitoring services during the year. The services are billed to the customers each month.Sold an additional monitoring service for $1,200 for one year’s service. The customer paid the full amount of $1,200 on October 1.Collected $74,000 of accounts receivable during the year.Paid an additional $6,000 to settle some of the accounts payable.Paid $3,500 of advertising expense during the year.Paid $2,320 of utilities expense for the year.Paid a dividend of $15,000 to the shareholders.AdjustmentsThere was $200 of supplies on hand at the end of the year.Recognized the expired rent from the prior year, van and office building for the year.Recognized the revenue earned from transaction 15.Accrued salaries at December 31, Year 5, were $1,000. GeneralJournalGeneralLedgerIncomeStatementChanges inSEBalanceSheetStatementof CFRequirementTrial BalanceAnalysisThe ending balance values from the General Ledger tab flows through to the Trial Balance below. The unadjusted, adjusted,or post-closing balances will appear for each account, based on your selection. Year 2018 represents Year 5 from the problemstatement.UnadjustedPacilio Security Services, Inc.Trial BalanceDecember 31, 2021Account TitleDebitCreditCashIS62,860Accounts receivable20,500Merchandise inventorySuppliesPrepaid rent2,1601502,000Land4,0009801,500Accounts payableSalaries payableCommon stockRetained earnings50,00039, 190Total91,670 S91,670< General LedgerIncome Statement >Statementof CFGeneralChanges inGeneralJournalBalanceSheetIncomeRequirementTrial BalanceAnalysisLedgerStatementSEChoose the appropriate accounts to be reported on the income statement. However, you will need to calculate and enter theamount of the net income or loss for the period. The unadjusted, adjusted, or post-closing balances will appear for eachaccount, based on your selection.UnadjustedPacilio Security Services, Inc.Income StatementFor the Year Ended December 31, Year 5RevenuesTotal RevenuesCost of goods soldExpensesTotal Operating ExpensesNet Operating Income< Trial BalanceChanges in SE > GeneralJournalGeneralLedgerIncomeTrial Balance StatementChanges inSEBalanceSheetStatementRequirementAnalysisof CFPrepare the statement of cash flow for year ended December 31, Year 5. (Amounts to be deducted should be indicated with aminus sign.)Pacilio Security Services, Inc.Statement of Cash FlowsFor the Year Ended December 31, Year 5Cash flows from operating activities:Net cash flow from operating activitiesCash flows from investing activities:Net cash flow from investing activitiesCash flows from financing activities:Net cash flow from financing activitiesEnding cash balance< Balance SheetAnalysis >GeneralJournalStatementof CFGeneralIncomeChanges inRequirementBalanceSheetTrial BalanceAnalysisLedgerStatementSEIndicate whether the transaction increases (+), decreases (-), or increases and decreases (+/-) for each element of the financialstatements. Also, in the Cash Flow column, use the letters OA to designate operating activity, IA for investing activity, FA for financingactivity. The first transaction is recorded as an example.Pacilio Security Services, Inc.Effect of Transactions on Financial Statements - Year 5Balance SheetIncome StatementStatement of CashNetFlowsTransactionAssets - Liabilities + S. Equity Revenue - Expenses - Incom1.OA2.3.4.5.6.7.8.9.10.11.12.13.14.15.16.17.18.19.20.21.22.23.24.< Statement of CFAnalysis>

Name: The trial balance of Pacilio Security Services, Inc. as of January 1,
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: The trial balance of Pacilio Security Services, Inc. as of January 1, Year 5, had the following normal balances: Cash$62,860 Accounts receivable 20,500 Supplies 150 Prepaid rent 2,000 Merchandise inventory (9 @ $240) 2,160 Land 4,000 Accounts payabl

Note: Since there are multiple parts, I am solving the first 3 subparts. A trial balance includes a…

Business

Accounting

The trial balance of Pacilio Security Services, Inc. as of January 1, Year 5, had the following normal balances: Cash $ 62,860 Accounts receivable 20,500 Supplies 150 Prepaid rent 2,000 Merchandise inventory (9 @ $240) 2,160 Land 4,000 Accounts payable 980 Salaries payable 1,500 Common stock 50,000 Retained earnings 39,190 During Year 5, Pacilio Security Services experienced the following transactions: Paid the salaries payable from Year 4. On January 15, purchased 20 standard alarm systems for cash at a cost of $250 each. On February 1, paid the accounts payable of $980, but not within the discount period. (The company uses the gross method.) On March 1, leased a business van. Paid $4,800 for one year’s lease in advance. Paid $7,200 on May 1 for one year’s rent on the office in advance. Purchased with cash $500 of supplies to be used over the next several months by the business. Purchased with cash another 25 alarm systems on August 1 for resale at a cost of $260 each. On September 5, purchased on account 30 standard alarm systems at a cost of $265. Installed 60 standard alarm systems for $33,000. Sales of $22,000 were on account, while $11,000 were cash sales. Record the cost of goods sold related to the sale from Event 9 using the perpetual FIFO method. Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260. Record the reversal of revenue. Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260. Record the reversal of cost. Paid installers and other employees a total of $21,000 cash for salaries. Sold $45,000 of monitoring services during the year. The services are billed to the customers each month. Sold an additional monitoring service for $1,200 for one year’s service. The customer paid the full amount of $1,200 on October 1. Collected $74,000 of accounts receivable during the year. Paid an additional $6,000 to settle some of the accounts payable. Paid $3,500 of advertising expense during the year. Paid $2,320 of utilities expense for the year. Paid a dividend of $15,000 to the shareholders. Adjustments There was $200 of supplies on hand at the end of the year. Recognized the expired rent from the prior year, van and office building for the year. Recognized the revenue earned from transaction 15. Accrued salaries at December 31, Year 5, were $1,000.

The trial balance of Pacilio Security Services, Inc. as of January 1, Year 5, had the following normal balances: Cash $ 62,860 Accounts receivable 20,500 Supplies 150 Prepaid rent 2,000 Merchandise inventory (9 @ $240) 2,160 Land 4,000 Accounts payable 980 Salaries payable 1,500 Common stock 50,000 Retained earnings 39,190 During Year 5, Pacilio Security Services experienced the following transactions: Paid the salaries payable from Year 4. On January 15, purchased 20 standard alarm systems for cash at a cost of $250 each. On February 1, paid the accounts payable of $980, but not within the discount period. (The company uses the gross method.) On March 1, leased a business van. Paid $4,800 for one year’s lease in advance. Paid $7,200 on May 1 for one year’s rent on the office in advance. Purchased with cash $500 of supplies to be used over the next several months by the business. Purchased with cash another 25 alarm systems on August 1 for resale at a cost of $260 each. On September 5, purchased on account 30 standard alarm systems at a cost of $265. Installed 60 standard alarm systems for $33,000. Sales of $22,000 were on account, while $11,000 were cash sales. Record the cost of goods sold related to the sale from Event 9 using the perpetual FIFO method. Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260. Record the reversal of revenue. Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260. Record the reversal of cost. Paid installers and other employees a total of $21,000 cash for salaries. Sold $45,000 of monitoring services during the year. The services are billed to the customers each month. Sold an additional monitoring service for $1,200 for one year’s service. The customer paid the full amount of $1,200 on October 1. Collected $74,000 of accounts receivable during the year. Paid an additional $6,000 to settle some of the accounts payable. Paid $3,500 of advertising expense during the year. Paid $2,320 of utilities expense for the year. Paid a dividend of $15,000 to the shareholders. Adjustments There was $200 of supplies on hand at the end of the year. Recognized the expired rent from the prior year, van and office building for the year. Recognized the revenue earned from transaction 15. Accrued salaries at December 31, Year 5, were $1,000.

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

Concept explainers

Topic Video

Question

The trial balance of Pacilio Security Services, Inc. as of January 1, Year 5, had the following normal balances:


Cash	$	62,860
Accounts receivable		20,500
Supplies		150
Prepaid rent		2,000
Merchandise inventory (9 @ $240)		2,160
Land		4,000
Accounts payable		980
Salaries payable		1,500
Common stock		50,000
Retained earnings		39,190

During Year 5, Pacilio Security Services experienced the following transactions:

Paid the salaries payable from Year 4.
On January 15, purchased 20 standard alarm systems for cash at a cost of $250 each.
On February 1, paid the accounts payable of $980, but not within the discount period. (The company uses the gross method.)
On March 1, leased a business van. Paid $4,800 for one year’s lease in advance.
Paid $7,200 on May 1 for one year’s rent on the office in advance.
Purchased with cash $500 of supplies to be used over the next several months by the business.
Purchased with cash another 25 alarm systems on August 1 for resale at a cost of $260 each.
On September 5, purchased on account 30 standard alarm systems at a cost of $265.
Installed 60 standard alarm systems for $33,000. Sales of $22,000 were on account, while $11,000 were cash sales.
Record the cost of goods sold related to the sale from Event 9 using the perpetual FIFO method.
Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260. Record the reversal of revenue.
Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260. Record the reversal of cost.
Paid installers and other employees a total of $21,000 cash for salaries.
Sold $45,000 of monitoring services during the year. The services are billed to the customers each month.
Sold an additional monitoring service for $1,200 for one year’s service. The customer paid the full amount of $1,200 on October 1.
Collected $74,000 of accounts receivable during the year.
Paid an additional $6,000 to settle some of the accounts payable.
Paid $3,500 of advertising expense during the year.
Paid $2,320 of utilities expense for the year.
Paid a dividend of $15,000 to the shareholders.

Adjustments

There was $200 of supplies on hand at the end of the year.
Recognized the expired rent from the prior year, van and office building for the year.
Recognized the revenue earned from transaction 15.
Accrued salaries at December 31, Year 5, were $1,000.

General
Journal
General
Ledger
Income
Statement
Changes in
SE
Balance
Sheet
Statement
of CF
Requirement
Trial Balance
Analysis
The ending balance values from the General Ledger tab flows through to the Trial Balance below. The unadjusted, adjusted,
or post-closing balances will appear for each account, based on your selection. Year 2018 represents Year 5 from the problem
statement.
Unadjusted
Pacilio Security Services, Inc.
Trial Balance
December 31, 2021
Account Title
Debit
Credit
Cash
IS
62,860
Accounts receivable
20,500
Merchandise inventory
Supplies
Prepaid rent
2,160
150
2,000
Land
4,000
980
1,500
Accounts payable
Salaries payable
Common stock
Retained earnings
50,000
39, 190
Total
91,670 S
91,670
< General Ledger
Income Statement >
Statement
of CF
General
Changes in
General
Journal
Balance
Sheet
Income
Requirement
Trial Balance
Analysis
Ledger
Statement
SE
Choose the appropriate accounts to be reported on the income statement. However, you will need to calculate and enter the
amount of the net income or loss for the period. The unadjusted, adjusted, or post-closing balances will appear for each
account, based on your selection.
Unadjusted
Pacilio Security Services, Inc.
Income Statement
For the Year Ended December 31, Year 5
Revenues
Total Revenues
Cost of goods sold
Expenses
Total Operating Expenses
Net Operating Income
< Trial Balance
Changes in SE >

General
Journal
General
Ledger
Income
Trial Balance Statement
Changes in
SE
Balance
Sheet
Statement
Requirement
Analysis
of CF
Prepare the statement of cash flow for year ended December 31, Year 5. (Amounts to be deducted should be indicated with a
minus sign.)
Pacilio Security Services, Inc.
Statement of Cash Flows
For the Year Ended December 31, Year 5
Cash flows from operating activities:
Net cash flow from operating activities
Cash flows from investing activities:
Net cash flow from investing activities
Cash flows from financing activities:
Net cash flow from financing activities
Ending cash balance
< Balance Sheet
Analysis >
General
Journal
Statement
of CF
General
Income
Changes in
Requirement
Balance
Sheet
Trial Balance
Analysis
Ledger
Statement
SE
Indicate whether the transaction increases (+), decreases (-), or increases and decreases (+/-) for each element of the financial
statements. Also, in the Cash Flow column, use the letters OA to designate operating activity, IA for investing activity, FA for financing
activity. The first transaction is recorded as an example.
Pacilio Security Services, Inc.
Effect of Transactions on Financial Statements - Year 5
Balance Sheet
Income Statement
Statement of Cash
Net
Flows
Transaction
Assets - Liabilities + S. Equity Revenue - Expenses - Incom
1.
OA
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
< Statement of CF
Analysis>

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Follow-up Questions

Read through expert solutions to related follow-up questions below.

Follow-up Question

statement of cash flows

Solution

by Bartleby Expert

SEE SOLUTION

Knowledge Booster

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.