The following events pertain to My Assistant: 1. Acquired $16,400 cash from the issue of common stock. 2. Provided $14,400 of services on account. 3. Provided services for $5,400 cash. 4. Received $3,800 cash in advance for services to be performed in the future. 5. Collected $10,400 cash from the account receivable created in Event 2. 6. Paid $6,400 for cash expenses. 7. Performed $1,900 of the services agreed to in Event 4. 8. Incurred $2900 of expenses on account. 9. Paid $1,800 cash in advance for one-year contract to rent office space. 10. Paid $2,550 cash on the account payable created in Event 8. 11. Paid a $2,900 cash dividend to the stockholders. 12. Recognized rent expense for nine months' use of office space acquired in Event 9. Required Show the effects of the events on the financial statements using the following horizontal statements model. In the Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. If an account is not affected by the event, leave the cell blank. The first event is recorded as an example. (Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not every cell will require entry.)
The following events pertain to My Assistant: 1. Acquired $16,400 cash from the issue of common stock. 2. Provided $14,400 of services on account. 3. Provided services for $5,400 cash. 4. Received $3,800 cash in advance for services to be performed in the future. 5. Collected $10,400 cash from the account receivable created in Event 2. 6. Paid $6,400 for cash expenses. 7. Performed $1,900 of the services agreed to in Event 4. 8. Incurred $2900 of expenses on account. 9. Paid $1,800 cash in advance for one-year contract to rent office space. 10. Paid $2,550 cash on the account payable created in Event 8. 11. Paid a $2,900 cash dividend to the stockholders. 12. Recognized rent expense for nine months' use of office space acquired in Event 9. Required Show the effects of the events on the financial statements using the following horizontal statements model. In the Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. If an account is not affected by the event, leave the cell blank. The first event is recorded as an example. (Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not every cell will require entry.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need help with filling out this financial statement sheet
Transcribed Image Text:The following events pertain to My Assistant:
1. Acquired $16,400 cash from the issue of common stock.
2. Provided $14,400 of services on account.
3. Provided services for $5,400 cash.
4. Received $3,800 cash in advance for services to be performed in the future.
5. Collected $10,400 cash from the account receivable created in Event 2.
6. Paid $6,400 for cash expenses.
7. Performed $1,900 of the services agreed to in Event 4.
8. Incurred $2,900 of expenses on account.
9. Paid $1,800 cash in advance for one-year contract to rent office space.
10. Paid $2,550 cash on the account payable created in Event 8.
11. Paid a $2,900 cash dividend to the stockholders.
12. Recognized rent expense for nine months' use of office space acquired in Event 9.
**Required:**
Show the effects of the events on the financial statements using the following horizontal statements model. In the Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. If an account is not affected by the event, leave the cell blank. The first event is recorded as an example. (*Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not every cell will require entry.*)
**MY ASSISTANT COMPANY**
| Event No. | Assets | = | Liabilities | + | Stockholders' Equity | Income Statement | Cash Flows |
|-----------|-------------------------------|---|---------------------------|---|------------------------------|----------------------|------------|
| | Cash | + | Accounts Receivable | + | Prepaid Rent | = | Accounts Payable | + | Unearned Revenue | + | Common Stock | + | Retained Earnings | + | Revenue | − | Expenses | = | Net Income | |
| 1. | 16,400 | | | | | = | | | | | 16,400 | | | | | | | FA |
| 2. | | | 14,400 |
Transcribed Image Text:**MY ASSISTANT COMPANY**
**Effect of Events on the Financial Statements**
The table indicates the impact of various events on the financial statements of "My Assistant Company." Below is the description and transcription of the table for educational purposes:
| Event No. | Assets | | = | Liabilities | | Stockholders' Equity | | Income Statement | | Statement of Cash Flows |
|-----------|------------|---------|------------------------------------------|----------------|----------------|-----------------------|----------------------------|------------------|---------------------|--------------------------|
| | Cash | + | Accounts Receivable | + | Prepaid Rent | = | Accounts Payable | + | Unearned Revenue | + | Common Stock | + | Retained Earnings | | Revenue | - | Expenses | = | Net Income | | |
| 1. | 16,400 | + | | | | = | | + | | + | 16,400 | + | | = | | | | 16,400 |
| | | | | | | = | | | | | | | | = | | | | 16,400 |
| 2. | | + | | | | = | | + | | + | | + | | = | | | | 0 |
| | | | | | | = | | | | | | | | = | | | | 0 |
| 3. | | + | | | | = | | + | | + | | + | | = | | | | 0 |
| | | | | | | = | | | | | | | | = | | | | 0 |
| 4. | | + | | | | = | | + | | + | | + | | = | | | |
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