The following transactions pertain to Smith Training Company for Year 1: January 30 February 11 April 10 July 1 July 201 August 15 September 15 Completed a job and received $3,200 cash for services rendered. October 1 Paid employee salaries of $34,000 cash. October 15 Received 38,400 cash from accounts receivable. November 16 Billed customers $35,000 for services rendered on account, December 1 Paid a dividend of $700 cash to the stockholders. December 31 Adjusted records to recognize the services provided on the contract of July 1. December 31 Recorded $2,000 of accrued salaries as of December 31. December 31 Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; $130 was on hand at the end of the period. d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1 Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign. Income Statement Established the business when it acquired $46,000 cash from the issue of common stock. Paid rent for office space for two years, $33,000 cash. Purchased $810 of supplies on account. Received $26,500 cash in advance for services to be provided over the next year. Paid $608 of the accounts payable from April 10. Billed a customer 19,200 for services provided during August. Expenses Total expenses SMITH TRAINING COMPANY Financial Statements For the Year Ended December 31, Year 11 Statement of Changes in Stockholders' Equity Total Stockholders' Equity S 3 0 0 0 0 D
The following transactions pertain to Smith Training Company for Year 1: January 30 February 11 April 10 July 1 July 201 August 15 September 15 Completed a job and received $3,200 cash for services rendered. October 1 Paid employee salaries of $34,000 cash. October 15 Received 38,400 cash from accounts receivable. November 16 Billed customers $35,000 for services rendered on account, December 1 Paid a dividend of $700 cash to the stockholders. December 31 Adjusted records to recognize the services provided on the contract of July 1. December 31 Recorded $2,000 of accrued salaries as of December 31. December 31 Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; $130 was on hand at the end of the period. d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1 Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign. Income Statement Established the business when it acquired $46,000 cash from the issue of common stock. Paid rent for office space for two years, $33,000 cash. Purchased $810 of supplies on account. Received $26,500 cash in advance for services to be provided over the next year. Paid $608 of the accounts payable from April 10. Billed a customer 19,200 for services provided during August. Expenses Total expenses SMITH TRAINING COMPANY Financial Statements For the Year Ended December 31, Year 11 Statement of Changes in Stockholders' Equity Total Stockholders' Equity S 3 0 0 0 0 D
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 8E
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Transcribed Image Text:The following transactions pertain to Smith Training Company for Year 1:
January 30
February 1
April 10
July 1
July 201
August 15
September 15
October 1
October 15
November 16
December 11
December 31
Adjusted records to recognize the services provided on the contract of July 1.
December 31 Recorded $2,eee of accrued salaries as of December 31.
December 31 Recorded the rent expense for the year. (See February 1.)
December 31 Physically counted supplies; $130 was on hand at the end of the period.
Income Statement
Established the business when it acquired $46,000 cash from the issue of common stock.
Paid rent for office space for two years, $33,000 cash..
Purchased $810 of supplies on account.
Received $26,500 cash in advance for services to be provided over the next year.
Paid $608 of the accounts payable from April 10.
Billed a customer $9,200 for services provided during August.
Completed a job and received $3,200 cash for services rendered.
Paid employee salaries of $34,000 cash.
Received $8,400 cash from accounts receivable.
d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1
Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign.
Expenses
Billed customers $35,000 for services rendered on account,
Paid a dividend of $700 cash to the stockholders.
Total expenses
SMITH TRAINING COMPANY
Financial Statements
For the Year Ended December 31, Year 1
Statement of Changes in Stockholders' Equity
Total Stockholders Equity
$
$
0
0
0
0
ہے
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