Homework Help is Here – Start Your Trial Now!
Business
Accounting
Assets Liabilities and Equity Cash $ 53,000 Accounts Payable 45,000 Common Stock 29,000 Retained Earnings $ 127,000 Total $ 21,000 90,000 16,000 $ 127,000 Accounts Receivable Land Total The following accounting events apply to Waddell Company's Year 2 fiscal year: January 1 February 1 March 1 April 1 May 1 July 1 September 1 Sold land for $20,000 cash that had originally cost $20,000. October 1 Acquired $38,000 cash from the issue of common stock. Paid $5,100 cash in advance for a one-year lease for office space. Paid a $2,600 cash dividend to the stockholders. Purchased additional land that cost $29,000 cash. Made a cash payment on accounts payable of $12,000. Received $8,800 cash in advance as a retainer for services to be performed monthly over the coming year. Purchased $1,040 of supplies on account. December 31i Earned $56,000 of service revenue on account during the year. December 31 Received cash collections from accounts receivable amounting to $57,000. December 31 Incurred other operating expenses on account during the year that amounted to $12,000. Decenper 31 Recognized accrued salaries expense of $4,400. Decentber 31 Had $150 of supplies on hand at the end of the period. December 31 The land purchased on April 1 had a market value of $40, 000. Required Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Year 2 financial statements. (Hint. Enter items in general ledger accounts under the accounting equation before answering the questions.) a. What amount would Waddell report for land on the balance sheet? b. What amount of net cash flow from operating activities would be reported on the statement of cash flows? c. What amount of rent expense would be reported on the income statement? tha helenes aheot?

Assets Liabilities and Equity Cash $ 53,000 Accounts Payable 45,000 Common Stock 29,000 Retained Earnings $ 127,000 Total $ 21,000 90,000 16,000 $ 127,000 Accounts Receivable Land Total The following accounting events apply to Waddell Company's Year 2 fiscal year: January 1 February 1 March 1 April 1 May 1 July 1 September 1 Sold land for $20,000 cash that had originally cost $20,000. October 1 Acquired $38,000 cash from the issue of common stock. Paid $5,100 cash in advance for a one-year lease for office space. Paid a $2,600 cash dividend to the stockholders. Purchased additional land that cost $29,000 cash. Made a cash payment on accounts payable of $12,000. Received $8,800 cash in advance as a retainer for services to be performed monthly over the coming year. Purchased $1,040 of supplies on account. December 31i Earned $56,000 of service revenue on account during the year. December 31 Received cash collections from accounts receivable amounting to $57,000. December 31 Incurred other operating expenses on account during the year that amounted to $12,000. Decenper 31 Recognized accrued salaries expense of $4,400. Decentber 31 Had $150 of supplies on hand at the end of the period. December 31 The land purchased on April 1 had a market value of $40, 000. Required Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Year 2 financial statements. (Hint. Enter items in general ledger accounts under the accounting equation before answering the questions.) a. What amount would Waddell report for land on the balance sheet? b. What amount of net cash flow from operating activities would be reported on the statement of cash flows? c. What amount of rent expense would be reported on the income statement? tha helenes aheot?

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 86PSB
See similar textbooks
icon
Related questions
Question
Waddle company had the following balances in its accounting records as of December 31st, year 1.
Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Year 2 financial statements. (Hint: Ent accounts under the accounting equation before answering the questions.) (Do not round intermediate calculations. Enter any decreases to account balances require entry.) Assets Liabilities Stockholders' Equity %3D Date Accounts Receivable Cash Accounts Payable 21,000 Salaries Unearned Common Retained Earnings Prepaid Rent Supplies Land %3D Payable Revenue Stock Bal. 53,000 45,000 29,000 = 90,000 + 16,000 Jan. 1 38,000 38,000 + + Feb. 1 5,100 5,100 Mar, 1 (2,600) + April 1 May 1 July 1 Sept. 1 (29,000) (12,000) 29,000 = + Oct. 1 Dec. 31 Dec. 31 Dec. 31 + Dec, 31 + Dec. 31 + Dec. 31 + + Dec. 31 + Dec. 31 52,500 45,000 5,100 58,000 = 21,000 0 + 128,000 + 13,400 Bal. <Accounting Equation Reg A to L > < Prev 1 of 1 Next > MacBook Pro
Transcribed Image Text:Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Year 2 financial statements. (Hint: Ent accounts under the accounting equation before answering the questions.) (Do not round intermediate calculations. Enter any decreases to account balances require entry.) Assets Liabilities Stockholders' Equity %3D Date Accounts Receivable Cash Accounts Payable 21,000 Salaries Unearned Common Retained Earnings Prepaid Rent Supplies Land %3D Payable Revenue Stock Bal. 53,000 45,000 29,000 = 90,000 + 16,000 Jan. 1 38,000 38,000 + + Feb. 1 5,100 5,100 Mar, 1 (2,600) + April 1 May 1 July 1 Sept. 1 (29,000) (12,000) 29,000 = + Oct. 1 Dec. 31 Dec. 31 Dec. 31 + Dec, 31 + Dec. 31 + Dec. 31 + + Dec. 31 + Dec. 31 52,500 45,000 5,100 58,000 = 21,000 0 + 128,000 + 13,400 Bal. <Accounting Equation Reg A to L > < Prev 1 of 1 Next > MacBook Pro
Check Assets $ 53,000 45,000 29,000 Retained Earnings Liabilities and Equity Accounts Payable Common Stock Cash $ 21,000 90,000 16,000 Accounts Receivable Land Total $ 127,000 Total $ 127,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: January 1 February 1 Acquired $38,000 cash from the issue of common stock. Paid $5,100 cash in advance for a one-year lease for office space. Paid a $2,600 cash dividend to the stockholders. Purchased additional land that cost $29,000 cash. Made a cash payment on accounts payable of $12,000. Received $8,800 cash in advance as a retainer for services to be performed monthly over the coming year. March 1 April 1 May 1 July 1 September 1 Sold land for $20,000 cash that had originally cost $20,000. October 1 December 31 Earned $56,000 of service revenue on account during the year. December 31 Received cash collections from accounts receivable amounting to $57,000. December 31 Incurred other operating expenses on account during the year that amounted to $12,000. Decenper 31 Recognized accrued salaries expense of $4,400. Decenber 31 Had $150 of supplies on hand at the end of the period. Purchased $1,040 of supplies on account. es December 31 The land purchased on April 1 had a market value of $40,000. Required Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Year 2 financial statements. (Hint. Enter items in general ledger accounts under the accounting equation before answering the questions.) a. What amount would Waddell report for land on the balance sheet? b. What amount of net cash flow from operating activities would be reported on the statement of cash flows? c. What amount of rent expense would be reported on the income statement? d. What amount of total liabilities would be reported on the balance sheet? e. What amount of supplies expense would be reported on the income statement? f. What amount of unearned revenue would be reported on the balance sheet? g. What amount of net cash flow from investing activities would be reported on the statement of cash flows? h. What amount of total expenses would be reported on the income statement? i. What amount of service revenue would be reported on the income statement? j. What amount of cash flows from financing activities would be reported on the statement of cash flows? k. What amount of net income would be reported on the income statement? I. What amount of retained earnings would be reported on the balance sheet? < Prey 1 of 1 Next> MacBook Pro
Transcribed Image Text:Check Assets $ 53,000 45,000 29,000 Retained Earnings Liabilities and Equity Accounts Payable Common Stock Cash $ 21,000 90,000 16,000 Accounts Receivable Land Total $ 127,000 Total $ 127,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: January 1 February 1 Acquired $38,000 cash from the issue of common stock. Paid $5,100 cash in advance for a one-year lease for office space. Paid a $2,600 cash dividend to the stockholders. Purchased additional land that cost $29,000 cash. Made a cash payment on accounts payable of $12,000. Received $8,800 cash in advance as a retainer for services to be performed monthly over the coming year. March 1 April 1 May 1 July 1 September 1 Sold land for $20,000 cash that had originally cost $20,000. October 1 December 31 Earned $56,000 of service revenue on account during the year. December 31 Received cash collections from accounts receivable amounting to $57,000. December 31 Incurred other operating expenses on account during the year that amounted to $12,000. Decenper 31 Recognized accrued salaries expense of $4,400. Decenber 31 Had $150 of supplies on hand at the end of the period. Purchased $1,040 of supplies on account. es December 31 The land purchased on April 1 had a market value of $40,000. Required Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Year 2 financial statements. (Hint. Enter items in general ledger accounts under the accounting equation before answering the questions.) a. What amount would Waddell report for land on the balance sheet? b. What amount of net cash flow from operating activities would be reported on the statement of cash flows? c. What amount of rent expense would be reported on the income statement? d. What amount of total liabilities would be reported on the balance sheet? e. What amount of supplies expense would be reported on the income statement? f. What amount of unearned revenue would be reported on the balance sheet? g. What amount of net cash flow from investing activities would be reported on the statement of cash flows? h. What amount of total expenses would be reported on the income statement? i. What amount of service revenue would be reported on the income statement? j. What amount of cash flows from financing activities would be reported on the statement of cash flows? k. What amount of net income would be reported on the income statement? I. What amount of retained earnings would be reported on the balance sheet? < Prey 1 of 1 Next> MacBook Pro
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS