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

Q: How do you calculate Cost of goods purchased

A: Cost of goods purchased (COGP) refers to the total cost incurred by a company to purchase inventory…

Q: How is the cost of goods sold calculated?

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: What are the factors affecting equipment costs?

A: Equipment cost is the total cost incurred to bring the equipment in the useable state. It includes…

Q: How is the cost of goods manufactured calculated?

A: Cost of Goods Manufactured, also known to as COGM, is a term used in managerial accounting that…

Q: Define Restoration costs.

A: Restoration means the act of renewing or repairing something.

Q: Define the term transportation costs.

A: Cost: Cost is that amount which is paid to get something from the any supplier and the amount which…

Q: What does the concept of cost of equipment includes? Describe in detail.

A: Property, plant, and equipment: These assets are long-lived economic resources which are owned by…

Q: What are the methods used to determine the cost of goods?

A:

Q: What happen when the inventories increasing or deacresing

A: Inventories form a part of assets of the entity and comprises of stock of raw material, work in…

Q: What are the benefits and costs of renovation?

A: Introduction: Renovation is the improvement process in which upgrades and repair of the property are…

Q: Why is materials inspection a prevention costs rather than an appraisal costs?

A: Lets understand the basics. Cost incurred in order to minimize or avoid the defect at the production…

Q: How do you find cost of goods manufactured?

A: Cost of goods manufactured is the total costs incurred to manufactured goods it includes materials…

Q: st of googs sold and intrest expens

A: The cost of goods sold can be calculated by using the inventory turnover ratio. Inventory turnover…

Q: What are the different risks associated in the accounting of inventories?

A: Answer: Inventories are the current assets of the company which are realizable within 12 months from…

Q: What exactly are "sundry" costs?

A: Sundry Costs: The term "sundry expenditure" refers to an expense that does not occur very often and…

Q: What is a merchandiser?

A: Merchandiser is a business that purchases goods  and resells to customers…

Q: How are process costing and the FIFO method of inventory related?

A: Inventory valuation is an accounting practice adopted by the company to determine the value of the…

Q: what is period costs?

A:

Q: What is the schedule of cost of good manufactured used for?

A: Step 1 The cost of goods manufactured is a calculation of the production costs of the goods that…

Q: what are relevent cost of direct material

A: The management of the manufacturing firm has to take certain decisions regarding the…

Q: How do you compute the cost of goods manufactured?

A: Cost of goods manufactured is the total amount of expense incurred in order to convert work in…

Q: how to do a cost of prodution report

A: The cost of production report is prepared by the following four steps

Q: what is production cost? what is tangible assets? what is operating expenses? what is cost of goods…

A: Expenses are those costs which are required to be incurred by the company to smoothly run the…

Q: What are two advantages and two disadvantages of renting over purchasing equipment?

A: Renting over purchasing equipment: Purchase of equipment is treated as a capital expenditure which…

Q: Define the term Raw-materials- inventory?

A: Inventory is the materials such as raw materials, finished products, in-process goods that are…

Q: What costs are incurred when making a product? How are they recorded when incurred?

A: Cost to create a product is know as product cost. These cost include all direct cost like direct…

Q: What is identifying owner?

A: The answer is provided as follows:

Q: What is a deferral expense?

A: Word "Deferral" means the postponement of something happening.