Yord Professionals Inc experienced the folloving events in Yeor its first year of operation 1 Performed services for $35,000 cnsh. 2 Purchased $6.000 of supplies on account 3. A physical Count on December 31, Year 1, found that there was $1300 of supplies on hand. Required Based on this information alone: a Record the events under an accounting equation. b. Prepare on 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. Reg B1 Inc Reg 82 Bal Reg 83 CF Reg A Reg Cand D Stmt Sheet Stmt Prepare a balance sheet for the Year 1 accounting period. YARD PROFESSIONALS INC. Balance Sheet As of December 31, Year 1 Assets Total assets Llablities Total llablities stockholders Equity Total stocknolders equity Total lablities and stocknolcers equity Req 83 CF Strmt > < Reg B1 Iric Stmt %24
Yord Professionals Inc experienced the folloving events in Yeor its first year of operation 1 Performed services for $35,000 cnsh. 2 Purchased $6.000 of supplies on account 3. A physical Count on December 31, Year 1, found that there was $1300 of supplies on hand. Required Based on this information alone: a Record the events under an accounting equation. b. Prepare on 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. Reg B1 Inc Reg 82 Bal Reg 83 CF Reg A Reg Cand D Stmt Sheet Stmt Prepare a balance sheet for the Year 1 accounting period. YARD PROFESSIONALS INC. Balance Sheet As of December 31, Year 1 Assets Total assets Llablities Total llablities stockholders Equity Total stocknolders equity Total lablities and stocknolcers equity Req 83 CF Strmt > < Reg B1 Iric Stmt %24
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:Yord Professionals Inc experienced the following events in Yeor 1 its first year of operatior
1 Performed services for $35,000 cosh.
2 Purchased $6,000 of supplies on account
3. A physical count on December 31, Year 1, found that there was $1800 of supplies on hand.
Required
Based on this information alone:
a Record the events under an accounting equation.
b. Prepore on 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 22
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
Reg B2 Bal
Reg B3 CF
Reg A
Reg Cand D
Stmt
Sheet
Stmt
Prepare a balance sheet for the Year 1 accounting period.
YARD PROFESSIONALS INC.
Balance Sheet
As of Decemiber 31, Year 1
Assets
Total assets
Lab tes
Total lablties
stockholders Equity
Total stocknolders equity
Total labilitles and stocknoldens equt
Reg 3 CF Stnt>
( Reg B1 Inc Sitrmt

Transcribed Image Text:Yard Professlonals Inc. experlenced the following events In Year 1, ts first year of operation:
1 Performed services for $35,000 cash
2 Purchased $6,000 of supplles on account.
3. A physlcal count on December 31, Year 1, found that there was $1,800 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 perfod.
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 83 CF
Stmt
Reg B2 Bal
Req C and D
Req A
Sheet
Prepare the statement of cash flows for the Year 1 accounting period. (Enter cash outflows with a minus sign.)
YARD PROFESSIONALS INC.
Statement of Cash Flows
For the Year Ended December 31, Year 1
Cash flows from operating activities
Net cash flow from operating activites
Cash flows from investing activites
Cash flows from financing activites
Net change in cash
Ending cash balance
( Reg 82 Bal Sheet
Reg Cand D
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