Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $29,000 cash. 2. Purchased $5,200 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,060 of supplies on hand. 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 period. c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Req B1 Inc Stmt Req B2 Bal Sheet Req B3 CF Stmt Req A Req C and D Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with a minus sign.) YARD PROFESSIONALS INc. Effect of Events on the Accounting Equation Stockholders' Assets %3D Liabilities Equity Event Accounts Retained Alout
Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $29,000 cash. 2. Purchased $5,200 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,060 of supplies on hand. 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 period. c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Req B1 Inc Stmt Req B2 Bal Sheet Req B3 CF Stmt Req A Req C and D Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with a minus sign.) YARD PROFESSIONALS INc. Effect of Events on the Accounting Equation Stockholders' Assets %3D Liabilities Equity Event Accounts Retained Alout
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
What is the Used Supplies?
Transcribed Image Text:Yard Professionals Inc. experienced the following events in Year 1, its first year of operation:
1. Performed services for $29,000 cash.
2. Purchased $5,200 of supplies on account.
3. A physical count on December 31, Year 1, found that there was $1,060 of supplies on hand.
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 period.
c. What is the balance in the Supplies account as of January 1, Year 2?
d. What is the balance in the Supplies Expense account as of January 1, Year 2?
Complete this question by entering your answers in the tabs below.
Req B1 Inc
Stmt
Req B2 Bal
Sheet
Req B3 CF
Stmt
Req A
Req C and D
Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with a
minus sign.)
YARD PROFESSIONALS INC.
Effect of Events on the Accounting Equation
Stockholders'
Assets
Liabilities
%3D
Equity
Event
Accounts
Retained
< Prey
4 of 4
Next
Transcribed Image Text:Saved
8 Homework
u. VVIIAL IS LITE Daial ice III LIIE Jupplies LAPEISE accuuiIL as UI Jaliuai y1, Teai 4:
Complete this question by entering your answers in the tabs below.
Req B1 Inc
Stmt
Req B2 Bal
Sheet
Req B3 CF
Stmt
Req A
Req C and D
Record the events under an accounting equation. (Not all cells require input. Enter any decreases to account balances with a
minus sign.)
YARD PROFESSIONALS INC.
Effect of Events on the Accounting Equation
Stockholders'
Equity
Retained
Earnings
Assets
Liabilities
Event
Accounts
Cash
Supplies
Payable
1. Provided service
29,000
29,000
+
2. Purchased supplies
5,200 =
5,200 +
3. Used supplies
Totals
29,000
5,200 =
5,200 +
29,000
< Req A
Req B1 Inc Stmt
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