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The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Balance Account Cash Accounts receivable Accounts payable Common stock Retained earnings $ 27,500 18,000 13, 200 19,100 13,200 The following events apply to Oak Consulting for Year 2: 1. Provided $71,700 of services on account. 2. Incurred $3,400 of operating expenses on account. 3. Collected $46,200 of accounts receivable. 4. Paid $30,100 cash for salaries expense. 5. Paid $14,940 cash as a partial payment on accounts payable. 6. Paid a $9,400 cash dividend to the stockholders.

The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Balance Account Cash Accounts receivable Accounts payable Common stock Retained earnings $ 27,500 18,000 13, 200 19,100 13,200 The following events apply to Oak Consulting for Year 2: 1. Provided $71,700 of services on account. 2. Incurred $3,400 of operating expenses on account. 3. Collected $46,200 of accounts receivable. 4. Paid $30,100 cash for salaries expense. 5. Paid $14,940 cash as a partial payment on accounts payable. 6. Paid a $9,400 cash dividend to the stockholders.

FINANCIAL ACCOUNTING
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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Required information The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 27,500 18,000 13,200 19, 100 13,200 The following events apply to Oak Consulting for Year 2: 1. Provided $71,700 of services on account. 2. Incurred $3,400 of operating expenses on account. 3. Collected $46,200 of accounts receivable. 4. Paid $30,100 cash for salaries expense. 5. Paid $14,940 cash as a partial payment on accounts payable. 6. Paid a $9,400 cash dividend to the stockholders. es :. Show the beginning balances and the events in a horizontal statements model such aslthe following one: (In the Cash Flow atiuitior pnd "NCn for net change in cash Select "NA"
Transcribed Image Text:Required information The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 27,500 18,000 13,200 19, 100 13,200 The following events apply to Oak Consulting for Year 2: 1. Provided $71,700 of services on account. 2. Incurred $3,400 of operating expenses on account. 3. Collected $46,200 of accounts receivable. 4. Paid $30,100 cash for salaries expense. 5. Paid $14,940 cash as a partial payment on accounts payable. 6. Paid a $9,400 cash dividend to the stockholders. es :. Show the beginning balances and the events in a horizontal statements model such aslthe following one: (In the Cash Flow atiuitior pnd "NCn for net change in cash Select "NA"
:. Show the beginning balances and the events in a horizontal statements model such as the following one: (In thé Cash Flow column, use the initials "OA" for operating activities, "FA" for financing activities and "NC" for net change in cash. Select "NA" vherever required. Enter any decreases to account balance and cash outflows with a minus sign.) OAK CONSULTING Effect of Transactions on the Financial Statements for Year 2 Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Revenue Expenses = Net Income Statement of Cash Flow Accounts Accounts Common Retained No Cash + Earnings %3D + Receivable Payable Stock Bal. + + 1 + %3D 3 %3D 4 + + %3D %3D + 6 %3D Bal. + + +++
Transcribed Image Text::. Show the beginning balances and the events in a horizontal statements model such as the following one: (In thé Cash Flow column, use the initials "OA" for operating activities, "FA" for financing activities and "NC" for net change in cash. Select "NA" vherever required. Enter any decreases to account balance and cash outflows with a minus sign.) OAK CONSULTING Effect of Transactions on the Financial Statements for Year 2 Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Revenue Expenses = Net Income Statement of Cash Flow Accounts Accounts Common Retained No Cash + Earnings %3D + Receivable Payable Stock Bal. + + 1 + %3D 3 %3D 4 + + %3D %3D + 6 %3D Bal. + + +++
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