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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Answer only.
![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"](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb75e2346-ebf2-4e14-802c-14c74b6109ef%2Fa2710d20-4f6f-473a-a56b-8c1aaa2da3c0%2F717jpfq_processed.jpeg&w=3840&q=75)
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"
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.
+ + +++
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education