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The following transactions pertain to Smith Training Company for Year 1 January 30 February 1 April 10 July 1 July 201 August 15 September 15 October 1 October 15 November 16 December 11 December 31 December 31 Income Statement Established the business when it acquired $46,000 cash from the issue of common stock. Paid rent for office space for two years, $33,000 cash. Expenses Purchased $810 of supplies on account. Keceived $26,500 cash in advance for services to be provided over the next year. Paid $608 of the accounts payable from April 10. December 31 Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; $130 was on hand at the end of the period. Total expenses Billed a customer $9,200 for services provided during August. Completed a job and received $3,200 cash for services rendered. Paid employee salaries of $34,000 cash. Received 18,400 cash from accounts receivable. Billed customers $35,000 for services rendered on account, Paid a dividend of $700 cash to the stockholders. d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Yea Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign. Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,00e of accrued salaries as of December 31. SMITH TRAINING COMPANY Financial Statements For the Year Ended December 31, Year 1 Statement of Changes in Stockholders' Equity S 0 0

The following transactions pertain to Smith Training Company for Year 1 January 30 February 1 April 10 July 1 July 201 August 15 September 15 October 1 October 15 November 16 December 11 December 31 December 31 Income Statement Established the business when it acquired $46,000 cash from the issue of common stock. Paid rent for office space for two years, $33,000 cash. Expenses Purchased $810 of supplies on account. Keceived $26,500 cash in advance for services to be provided over the next year. Paid $608 of the accounts payable from April 10. December 31 Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; $130 was on hand at the end of the period. Total expenses Billed a customer $9,200 for services provided during August. Completed a job and received $3,200 cash for services rendered. Paid employee salaries of $34,000 cash. Received 18,400 cash from accounts receivable. Billed customers $35,000 for services rendered on account, Paid a dividend of $700 cash to the stockholders. d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Yea Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign. Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,00e of accrued salaries as of December 31. SMITH TRAINING COMPANY Financial Statements For the Year Ended December 31, Year 1 Statement of Changes in Stockholders' Equity S 0 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following transactions pertain to Smith Training Company for Year 1: January 30 February 1 April 10 July 1 July 201 August 15 September 15 October 1 October 15 November 16 December 11 December 31 Adjusted records to recognize the services provided on the contract of July 1. December 31 Recorded $2,eee of accrued salaries as of December 31. December 31 Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; $130 was on hand at the end of the period. Income Statement Established the business when it acquired $46,000 cash from the issue of common stock. Paid rent for office space for two years, $33,000 cash.. Purchased $810 of supplies on account. Received $26,500 cash in advance for services to be provided over the next year. Paid $608 of the accounts payable from April 10. Billed a customer $9,200 for services provided during August. Completed a job and received $3,200 cash for services rendered. Paid employee salaries of $34,000 cash. Received $8,400 cash from accounts receivable. d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1 Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign. Expenses Billed customers $35,000 for services rendered on account, Paid a dividend of $700 cash to the stockholders. Total expenses SMITH TRAINING COMPANY Financial Statements For the Year Ended December 31, Year 1 Statement of Changes in Stockholders' Equity Total Stockholders' Equity $ $ 0 0 0 0 ہے
Transcribed Image Text:The following transactions pertain to Smith Training Company for Year 1: January 30 February 1 April 10 July 1 July 201 August 15 September 15 October 1 October 15 November 16 December 11 December 31 Adjusted records to recognize the services provided on the contract of July 1. December 31 Recorded $2,eee of accrued salaries as of December 31. December 31 Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; $130 was on hand at the end of the period. Income Statement Established the business when it acquired $46,000 cash from the issue of common stock. Paid rent for office space for two years, $33,000 cash.. Purchased $810 of supplies on account. Received $26,500 cash in advance for services to be provided over the next year. Paid $608 of the accounts payable from April 10. Billed a customer $9,200 for services provided during August. Completed a job and received $3,200 cash for services rendered. Paid employee salaries of $34,000 cash. Received $8,400 cash from accounts receivable. d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1 Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign. Expenses Billed customers $35,000 for services rendered on account, Paid a dividend of $700 cash to the stockholders. Total expenses SMITH TRAINING COMPANY Financial Statements For the Year Ended December 31, Year 1 Statement of Changes in Stockholders' Equity Total Stockholders' Equity $ $ 0 0 0 0 ہے
Assets Total assets Liabilities Total liabilities Stockholders' Equity SMITH TRAINING COMPANY Balance Sheet As of December 31, Year 1 Total stockholders' equity Total liabilities and stockholders' equity SMITH TRAINING COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flows from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Ending cash balance S S S $ 201 0 0 0 0 0 0 0
Transcribed Image Text:Assets Total assets Liabilities Total liabilities Stockholders' Equity SMITH TRAINING COMPANY Balance Sheet As of December 31, Year 1 Total stockholders' equity Total liabilities and stockholders' equity SMITH TRAINING COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flows from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Ending cash balance S S S $ 201 0 0 0 0 0 0 0
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