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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Could you please help me solving this question? Please
Transcribed Image Text: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 thls 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 lgnoring 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 B1 Inc
Stmt
Reg B2 Bal
Req A
Req B3 CF
Stmt
Req C
Sheet
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
Unearned
Event
Cash
Revenue
Event
Adjusting
Reg B1 Inc Stmt>
Transcribed Image Text: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 B1 Inc
Stmt
Reg B2 Bal
Sheet
Req B3 CF
Stmt
Req A
Req C
Prepare an income statement for the Year 1 accounting period. (Do not round intermediate calculations.)
YARD DESIGNS
Income Statenment
For the Year Ended December 31, Year 1
< Req A
Reg B2 Bal Sheet >
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