The following events pertain to Super Cleaning Company: 1. Acquired $15,700 cash from the issue of common stock. 2. Provided $13,700 of services on account. 3. Provided services for $4,700 cash. 4. Received $3,100 cash in advance for services to be performed in the future. 5. Collected $9,700 cash from the account receivable created in Event 2. 6. Paid $5,700 for cash expenses. 7. Performed $1,550 of the services agreed to in Event 4. 8. Incurred $2,200 of expenses on account. 9. Paid $1,450 cash in advance for one-year contract to rent office space. 10. Paid $1,850 cash on the account payable created in Event 8. 11. Paid a $2,200 cash dividend to the stockholders. 12. Recognized rent expense for nine months' use of office space acquired in Event 9.
The following events pertain to Super Cleaning Company: 1. Acquired $15,700 cash from the issue of common stock. 2. Provided $13,700 of services on account. 3. Provided services for $4,700 cash. 4. Received $3,100 cash in advance for services to be performed in the future. 5. Collected $9,700 cash from the account receivable created in Event 2. 6. Paid $5,700 for cash expenses. 7. Performed $1,550 of the services agreed to in Event 4. 8. Incurred $2,200 of expenses on account. 9. Paid $1,450 cash in advance for one-year contract to rent office space. 10. Paid $1,850 cash on the account payable created in Event 8. 11. Paid a $2,200 cash dividend to the stockholders. 12. Recognized rent expense for nine months' use of office space acquired in Event 9.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Need help on competing the table where it is missing information.
Transcribed Image Text:The following events pertain to Super Cleaning Company:
1. Acquired $15,700 cash from the issue of common stock.
2. Provided $13,700 of services on account.
3. Provided services for $4,700 cash.
4. Received $3,100 cash in advance for services to be performed in the future.
5. Collected $9,700 cash from the account receivable created in Event 2.
6. Paid $5,700 for cash expenses.
7. Performed $1,550 of the services agreed to in Event 4.
8. Incurred $2,200 of expenses on account.
9. Paid $1,450 cash in advance for one-year contract to rent office space.
10. Paid $1,850 cash on the account payable created in Event 8.
11. Paid a $2,200 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 a horizontal statements model like the following one. 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.)
Transcribed Image Text:Required
Show the effects of the events on the financial statements using a horizontal statements model like the following one. 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.)
Answer is not complete.
SUPER CLEANING COMPANY
Effect of Events on the Financial Statements
Assets
Liabilities
Stockholders' Equity
Income Statement
Event
Accounts
Prepaid
Rent
Accounts
Unearned
Statement of Cash Flows
Common
Stock
Retained
Net
Income
No.
Cash
Revenue
Expenses
+
%3D
+
+
+
Receivable
Payable
Revenue
Earnings
1.
15,700
15,700
15,700
FA
+
+
+
+
%3D
2.
13,700
13,700
13,700
13,700 O
+
+
+
+
3.
4,700 O +
4,700 O
4,700 O
4,700 O
4,700 O OA
+
%3D
+
+
+
%3D
3,100 O
9,700 O
(5,700) O +
4.
3,100 O
3,100 O OA
+
+
+
%3D
5.
(9,700) O
9,700 O OA
+
+
+
+
(5,700) O
1,550 O
(2,200) O
6.
5,700 O =
(5,700) O
(5,700) O OA
+
+
+
1,550 O
(2,200) O
7.
(1,550) O +
1,550 O
+
+
%3D
+
%3D
8.
2,200 O
2,200 O
+
+
+
+
%3D
(1,450) O
(1,850) O
(2,200) O
(1,450) O OA
(1,850) O OA
9.
1,450 O =
+
+
+
+
+
10.
(1,850)
+
+
+
+
(2,200) O
(1,088) O
11.
(2,200)
FA
+
+
+
+
+
12.
(1,088)
1,088
(1,088)
+
+
+
+
Bal.
22,000
4,000
362
350
1,550
15,700
8,762
19,950
8,988
10,962
22,000
+
+
+
+
+
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