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a. & c. Identfy the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity. FA for financing activity, or IA for Investing activity. If the element Is not affected by the event, leave the cell blank. b. Based on your response to Requirement a, determlne the amount of net Income reported on the Year 1 Income statement. d. Based on your response to Requirement c, determlne the amount of cash flow from operating activitles reported on the Year 1 statement of cash flows. e. What Is the before- and after-closing balance In the service revenue account? f. What Is the balance of the retalned earnings account that appears on the Year 1 balance sheet?

a. & c. Identfy the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity. FA for financing activity, or IA for Investing activity. If the element Is not affected by the event, leave the cell blank. b. Based on your response to Requirement a, determlne the amount of net Income reported on the Year 1 Income statement. d. Based on your response to Requirement c, determlne the amount of cash flow from operating activitles reported on the Year 1 statement of cash flows. e. What Is the before- and after-closing balance In the service revenue account? f. What Is the balance of the retalned earnings account that appears on the Year 1 balance sheet?

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter3: Processing Accounting Information
Section: Chapter Questions
Problem 3.11AMCP: Entries Prepared from a Trial Balance and Proof of the Cash Balance Russell Company was incorporated...
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Cordell Inc. expertenced the following events In Year 1, Its first year of operation: 1. Recelved $40,000 cash from the Issue of common stock. 2 Performed services on account for $82,000. 3. Pald a $6,000 cash divdend to the stockholders. 4. Collected $76,000 of the accounts recetvable. 5. Pald $53.000 cash for other operating expenses. 6. Performed services for $19,000 cash. 7. Recognized $3,500 of accrued utilities expense at the end of the year. Required a. & c. Identify the events that result In revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to deslgnate operating activity., FA for financing activity, or IA for Investing activity. If the element Is not affected by the event, leave the cell blank. b. Based on your response to Requirement a, determine the amount of net Income reported on the Year 1 Income statement. d. Based on your response to Requirement c, determlne the amount of cash flow from operating activitles reported on the Year 1 statement of cash flows. e. What Is the before- and after-closing balance in the service revenue account? f. What Is the balance of the retalned earnings account that appears on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. Req B and D to Reg A and C Based on your response to Requirement a and c, determine the amount of net income, cash flow from operating activities, before- and after-closing balance in the service revenue account and balance of the Retained Earnings account reported on the Year 1. b. Net income d. Net cash flow from operating activities e. Before-closing balance After-olosing balance f. Balance of retained earnings < Req A and C < Prev 5 of 12 Next>
Transcribed Image Text:Cordell Inc. expertenced the following events In Year 1, Its first year of operation: 1. Recelved $40,000 cash from the Issue of common stock. 2 Performed services on account for $82,000. 3. Pald a $6,000 cash divdend to the stockholders. 4. Collected $76,000 of the accounts recetvable. 5. Pald $53.000 cash for other operating expenses. 6. Performed services for $19,000 cash. 7. Recognized $3,500 of accrued utilities expense at the end of the year. Required a. & c. Identify the events that result In revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to deslgnate operating activity., FA for financing activity, or IA for Investing activity. If the element Is not affected by the event, leave the cell blank. b. Based on your response to Requirement a, determine the amount of net Income reported on the Year 1 Income statement. d. Based on your response to Requirement c, determlne the amount of cash flow from operating activitles reported on the Year 1 statement of cash flows. e. What Is the before- and after-closing balance in the service revenue account? f. What Is the balance of the retalned earnings account that appears on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. Req B and D to Reg A and C Based on your response to Requirement a and c, determine the amount of net income, cash flow from operating activities, before- and after-closing balance in the service revenue account and balance of the Retained Earnings account reported on the Year 1. b. Net income d. Net cash flow from operating activities e. Before-closing balance After-olosing balance f. Balance of retained earnings < Req A and C < Prev 5 of 12 Next>
work (LOs 1-4) 1 Received S40.000 cash from the issue of common stock. 2 Performed services on occount for $82,000. 3. Paid a $6,000 cash dividend to the stockholders. 4 Collected $76,000 of the occounts receivable. 5. Poid $53,000 cash for other operating expenses. 6. Performed services for $19.000 cash. 7. Recognized $3,500 of occrued utilities expense ot the end of the yeor. Required a. &c Identify the events that result in revenue or expense recognition and those which affect the stotement of cash flows. In the Stotement of Cosh Rows column, use OA to designate operating activity, FA for financing activity, or IA for investing activity. If the element is not affected by the event, leove the cell blonk b. Bosed on your response to Requirement a, determine the amount of net income reported on the Year 1 income staternent d. Bosed on your response to Requirement c determine the amount of cash flow from operating activities reported on the Year 1 statement of cosh flows. e What is the before- and after-closing balance in the service revenue account? f. What is the balonce of the retoined earnings acount that oppears on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. Reg B and D bo Reg A and C Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use O4 to designate operating activity, FA for financing activity, or IA for investing activity. If the element is not affected by the event, leave the cell blank. (Enter cash outflows with a minus sign. Not al cells require input.) Expense statement of Cash Flows Event Revenue 1. 2. 3. 4. 5. 6. 7. Rég Band D to F
Transcribed Image Text:work (LOs 1-4) 1 Received S40.000 cash from the issue of common stock. 2 Performed services on occount for $82,000. 3. Paid a $6,000 cash dividend to the stockholders. 4 Collected $76,000 of the occounts receivable. 5. Poid $53,000 cash for other operating expenses. 6. Performed services for $19.000 cash. 7. Recognized $3,500 of occrued utilities expense ot the end of the yeor. Required a. &c Identify the events that result in revenue or expense recognition and those which affect the stotement of cash flows. In the Stotement of Cosh Rows column, use OA to designate operating activity, FA for financing activity, or IA for investing activity. If the element is not affected by the event, leove the cell blonk b. Bosed on your response to Requirement a, determine the amount of net income reported on the Year 1 income staternent d. Bosed on your response to Requirement c determine the amount of cash flow from operating activities reported on the Year 1 statement of cosh flows. e What is the before- and after-closing balance in the service revenue account? f. What is the balonce of the retoined earnings acount that oppears on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. Reg B and D bo Reg A and C Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use O4 to designate operating activity, FA for financing activity, or IA for investing activity. If the element is not affected by the event, leave the cell blank. (Enter cash outflows with a minus sign. Not al cells require input.) Expense statement of Cash Flows Event Revenue 1. 2. 3. 4. 5. 6. 7. Rég Band D to F
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