Can I get some help filling out this financial statement? Thank you very much! ### Mandalorian Company Accounting Records and Events#### Year 1: Balance Sheet as of December 31**Assets**- Cash: $47,000- Accounts Receivable: $46,000- Land: $25,000**Liabilities and Equity**- Accounts Payable: $28,000- Common Stock: $77,000- Retained Earnings: $13,000**Totals**: $118,000 on both sides (Assets and Liabilities + Equity)---#### Fiscal Year 2: Recorded Accounting Events- **Jan. 1**: Acquired $54,000 cash from the issue of common stock.- **Feb. 1**: Paid $5,100 cash in advance for a one-year lease for office space.- **Mar. 1**: Paid a $1,800 cash dividend to the stockholders.- **Apr. 1**: Purchased additional land that cost $25,000 cash.- **May 1**: Made a cash payment on accounts payable of $21,000.- **July 1**: Received $8,800 cash in advance as a retainer for services to be performed monthly over the coming year.- **Sept. 1**: Sold land for $21,000 cash that had originally cost $21,000.- **Oct. 1**: Purchased $910 of supplies on account.- **Dec. 31**: Earned $55,000 of service revenue on account during the year.- **Dec. 31**: Received cash collections from accounts receivable amounting to $53,000.- **Dec. 31**: Incurred other operating expenses on account during the year that amounted to $12,000.- **Dec. 31**: Recognized accrued salaries expense of $4,200.- **Dec. 31**: Had $140 of supplies on hand at the end of the period.- **Dec. 31**: The land purchased on April 1 had a market value of $34,000.- **Dec. 31**: Recognized $124 of accrued interest revenue.#### Required:Show the effects of the events on the financial statements using the following horizontal statements model. All questions pertain to the Year 2 financial statements.**a.** What two additional adjusting entries need to be made at the end of ### The Mandalorian Company: Financial Statement AnalysisTo analyze the financial events for The Mandalorian Company, please follow the instructions to understand the effects on financial statements using the provided horizontal statements model. Only populate the necessary cells.#### Instructions:1. **Date Column**: This is where you record the date of the financial transaction or event.2. **Assets**: List the amount under each asset category affected by the transaction. - **Cash** - **Accounts Receivable** - **Prepaid Rent** - **Supplies** - **Interest Receivable** - **Land** 3. **Liabilities**: Record changes in company obligations. - **Accounts Payable** - **Salaries Payable** - **Unearned Revenue** 4. **Stockholders' Equity**: Reflect any changes in ownership interest. - **Common Stock** - **Retained Earnings** 5. **Balancing Equation**: Ensure the sum of Assets equals the sum of Liabilities plus Stockholders' Equity.#### Table Layout:| Date | **Assets** | | | | | | **Liabilities** | | | **Stockholders' Equity** | | ||--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|| | Cash | Accounts Receivable | Prepaid Rent | Supplies | Interest Receivable | Land | Accounts Payable | Salaries Payable | Unearned Revenue | Common Stock | Retained Earnings || **Bal.** | | | | | | | | | | | || **Jan. 1** | | | | | | | | | | | || **Feb. 1** | | | | | | | | | | | || **Mar. 1** | | | | | | | | | | | || **Apr. 1** | | | | | | | | | | | || **May 1** | | | | | | | |

SOLUTION- ACCOUNTING EQUATION- IT IS A PROPOSITION THAT A COMPANY'S ASSETS MUST BE EQUAL TO THE SUM…

The Mandalorian Company's (Mando) accounting records showed the following balances as of December 31, Year 1: Liabilities and Equity Accounts Payable Assets $ 47,000 46,000 25,000 $ 28,000 77,000 13,000 Cash Accounts Receivable Common Stock Land Retained Earnings Totals $118,000 $118,000 The Mandalorian Company recorded the following accounting events in fiscal year 2: Acquired $54,000 cash from the issue of common stock. Paid $5,100 cash in advance for a one-year lease for of£ice space. Paid a $1,800 cash dividend to the stockholders. Purchased additional land that cost $25,000 cash. Made a cash payment on accounts payable of $21,000. Received $8,800 cash in advance as a retaine for services to be performed monthly over the coming year. Sold land for $21,000 cash that had originally cost $21,000. Purchased $910 of supplies on account. Earned $55,000 of service revenue on account during the year. Received cash collections from accounts receivable amounting to $53,000. Incurred other operating expenses on account during the year that amounted to $12,000. Jan. Feb. 1. Mar. April 1 May July Sept. 1 Oct. Dec. 31 31 31 Recognized accrued salaries expense of $4,200. Had $140 of supplies on hand at the end of the period. The land purchased on April 1 had a market value of $34,000. Recognized $124 of accrued interest revenue. 31 31 31 31 Required Show the effects of the events on the financial statements using the following horizontal statements model. All questions pertain to the Year 2 financial statements. a. What two additional adjusting entries need to be made at the end of the year? b. What amount would Mando report for land on the balance sheet? c. What amount of net cash flow from operating activities would be reported on the statement of cash flows? d. What amount of rent expense would be reported on the income statement? e. What amount of total liabilities would be reported on the balance sheet? f. What amount of supplies expense would be reported on the income statement? g. What amount of unearned revenue would be reported on the balance sheet? h. What amount of net cash flow from investing activities would be reported on the statement of cash flows? I. What amount of total expenses would be reported on the income statement?

The Mandalorian Company's (Mando) accounting records showed the following balances as of December 31, Year 1: Liabilities and Equity Accounts Payable Assets $ 47,000 46,000 25,000 $ 28,000 77,000 13,000 Cash Accounts Receivable Common Stock Land Retained Earnings Totals $118,000 $118,000 The Mandalorian Company recorded the following accounting events in fiscal year 2: Acquired $54,000 cash from the issue of common stock. Paid $5,100 cash in advance for a one-year lease for of£ice space. Paid a $1,800 cash dividend to the stockholders. Purchased additional land that cost $25,000 cash. Made a cash payment on accounts payable of $21,000. Received $8,800 cash in advance as a retaine for services to be performed monthly over the coming year. Sold land for $21,000 cash that had originally cost $21,000. Purchased $910 of supplies on account. Earned $55,000 of service revenue on account during the year. Received cash collections from accounts receivable amounting to $53,000. Incurred other operating expenses on account during the year that amounted to $12,000. Jan. Feb. 1. Mar. April 1 May July Sept. 1 Oct. Dec. 31 31 31 Recognized accrued salaries expense of $4,200. Had $140 of supplies on hand at the end of the period. The land purchased on April 1 had a market value of $34,000. Recognized $124 of accrued interest revenue. 31 31 31 31 Required Show the effects of the events on the financial statements using the following horizontal statements model. All questions pertain to the Year 2 financial statements. a. What two additional adjusting entries need to be made at the end of the year? b. What amount would Mando report for land on the balance sheet? c. What amount of net cash flow from operating activities would be reported on the statement of cash flows? d. What amount of rent expense would be reported on the income statement? e. What amount of total liabilities would be reported on the balance sheet? f. What amount of supplies expense would be reported on the income statement? g. What amount of unearned revenue would be reported on the balance sheet? h. What amount of net cash flow from investing activities would be reported on the statement of cash flows? I. What amount of total expenses would be reported on the income statement?

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 6PB: Single-step income Statement and balance sheet Selected accounts and related amounts for Kanpur Co....

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