Yard Designs (YD) experlenced the following events In Year 1, Its first year of operation: 1 On October 1, Year 1, YD collected $54,000 for consulting services It agreed to provide during the next 12 months. 2 Adjusted the accounts to reflect the amount of consulting service revenue recognized In Year 1. Required Based on this Information alone: a. Record the events under an accounting equation. b. Prepare an Income statement, balance sheet, and statement of cash flows for the Year 1 accounting perlod. c Ignoring all other future events, what is the amount of service revenue that would be recognized In Year 2? Complete this question by entering your answers in the tabs below. Req B2 Bal Sheet Reg B1 Inc Req 83 CF Stmt Req A Req C Stmt Record the events under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) YARD DESIGNS Accounting Equations Year 1 Stockholders Equity Retained Earnings Assets Liabilities Event Unearned Revenue Cash Event Adjusting

Yard Designs (YD) experlenced the following events In Year 1, Its first year of operation: 1 On October 1, Year 1, YD collected $54,000 for consulting services It agreed to provide during the next 12 months. 2 Adjusted the accounts to reflect the amount of consulting service revenue recognized In Year 1. Required Based on this Information alone: a. Record the events under an accounting equation. b. Prepare an Income statement, balance sheet, and statement of cash flows for the Year 1 accounting perlod. c Ignoring all other future events, what is the amount of service revenue that would be recognized In Year 2? Complete this question by entering your answers in the tabs below. Req B2 Bal Sheet Reg B1 Inc Req 83 CF Stmt Req A Req C Stmt Record the events under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) YARD DESIGNS Accounting Equations Year 1 Stockholders Equity Retained Earnings Assets Liabilities Event Unearned Revenue Cash Event Adjusting

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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